Xaar’s 3D printing JV with US competitor boosts share price
Cambridge ink jet innovator Xaar plc saw its UK share price leap almost seven per cent (16.4p) higher to 256.90p after unveiling a new 3D printing company formed jointly with American competitor Stratasys.
Cambridge Science Park-based Xaar and the Minnesota-anchored world leader in additive manufacturing have founded Xaar 3D Ltd.
The new company will develop 3D printing solutions based on High Speed Sintering technologies.
The alliance leverages the synergies between Xaar and Stratasys, specifically Xaar's technology relating to High Speed Sintering and industrial piezo inkjet printheads, along with the commercial and market expertise of NASDAQ-quoted Stratasys.
Xaar will hold 85 per cent of Xaar 3D Ltd shares and Stratasys 15 per cent. Stratasys has also been granted an option to increase its ownership in Xaar 3D Ltd to a total of 30 per cent.
Xaar 3D Ltd will hold all of Xaar's High Speed Sintering assets. The new company's board will be chaired by Xaar CEO, Doug Edwards (pictured above).
He said: “This joint investment in the development of 3D printing technologies reinforces the value created by our R & D and continues our plan to diversify Xaar's business.
“We are also pleased to be working alongside a leader in the 3D printing space which recognises the value of Xaar's technology and expertise.”
Scott Crump, the American company’s chief innovation officer, added: “We are impressed with the Xaar team's achievements to date. We believe that the complementary assets of Stratasys and Xaar will enable Xaar 3D Ltd to develop solutions that further address customers' additive manufacturing requirements for a broader range of production applications.”