Sale transfers ownership and operations of the facility to Cumberland Additive
EDEN PRAIRIE, Minn. & REHOVOT, Israel — (BUSINESS WIRE) — November 14, 2023 — Stratasys Ltd. (NASDAQ: SSYS), a leader in polymer 3D printing solutions, announced today it has completed the sale of the Stratasys Direct, Inc. facility in Austin, Texas to Cumberland Additive, Inc.
Stratasys Direct is the company’s on-demand parts service bureau. The sale of the metal facility in Austin follows the August sale of the Stratasys Direct urethane facilities. This decision, along with operational transformation efforts that began in early 2023, will drive better focus, accountability, internal efficiency, and speed to customer, while simultaneously improving profitability.
This transformation positions the Stratasys Direct parts business to:
- Showcase the advantages of Stratasys solutions for production-scale additive manufacturing.
- Provide more value to customers through cross-sell and infinite capacity extension.
- Focus Stratasys Direct expertise on providing the correct solutions for customer applications, regardless of technology.
- Contribute meaningful growth and accretive income by leveraging technology and industry expertise.
- Accelerate development of Stratasys’ manufacturing solutions portfolio.
“We are focusing Stratasys Direct to maximize synergies with our market-leading additive manufacturing business,” said Gurvinder Kahlon, General Manager and Vice President, Stratasys Direct Manufacturing. “Stratasys Direct has best-in-class technology, deep expertise, and focused management teams that are poised to deliver strong results for our customers and help them achieve their manufacturing needs.”
About Stratasys
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, X/Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including Stratasys’ websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
Stratasys, SAF, and P3 are trademarks or registered trademarks of Stratasys Ltd. and/or its affiliates. All other trademarks are the property of their respective owners, and Stratasys assumes no responsibility with regard to the selection, performance, or use of these non-Stratasys products.
Cautionary Statement Regarding Forward-Looking Statements
The statements in this press release regarding Stratasys and the transformation of Stratasys Direct, its execution and expected results and implications on Stratasys’ performance and the benefits deriving to its customers and other third parties, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements relating to the anticipated completion of the combination of MakerBot and Ultimaker, the financial position and prospects of the new combined company, and the desktop 3D printing market. Forward-looking statements are subject to significant risks and uncertainties, and actual results could differ materially from those projected. There can be no assurance that Stratasys will be able to complete the transaction on the anticipated terms, or at all. Important factors that could cause actual results and developments to differ materially from those anticipated in these forward-looking statements include, among other things, risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the transaction and the risk factors and other matters referred to under “Risk Factors”, and generally in Stratasys’ Annual Report on Form 20-F filed with the Securities and Exchange Commission (SEC) on March 1st, 2023. Readers are urged to carefully review and consider the various disclosures made throughout our 2022 Annual Report and the Report of Foreign Private Issuer on Form 6-K that attaches Stratasys’ unaudited, condensed consolidated financial statements and its review of its results of operations and financial condition, for the quarterly period ended March 31st, 2023 and June 30th, 2023, which we furnished to the SEC on May 5th, 2023 and August 3rd, 2023, and our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. Any guidance provided, and other forward-looking statements made, in this press release are made as of the date hereof, and Stratasys undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Contact:
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Israel
Erik Snider
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Asia
Kalyani Dwivedi
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+91 80 6746 2606