| Proto Labs, a global manufacturing and 3D printing services company, announced that it will acquire Rapid Manufacturing Group, LLC (RAPID) for $ 120 million, including $ 110 million in cash and $ 10 million in Proto Labs shares. RAPID's 2017 revenue is expected to be around 4,500 The transaction is expected to be completed by the end of this year subject to customary closing conditions.
 Founded in 2001, RAPID is a New Hampshire-based custom parts supplier specializing in rapid sheet metal processing and CNC machining, and focuses on the use of automation technology to provide custom sheet metal parts faster than conventional methods - a strategy that Minnesota Matching the approach taken by Maple Plain, headquartered in Proto Labs, the deal adds further manufacturing services to Proto Labs' products and extends the existing CNC machining capabilities. RAPID now has 140,000 square feet of manufacturing space and employs about 300 people and will be hired by Proto Labs for more than 2,000 people in the combined business.
RAPID provides rapid prototyping services for metal parts Automation to promote advanced manufacturing Jay Jacobs, founder of RAPID, said: "Rapid prototyping and low volume production have been at the heart of RAPID, a foundation that fits in well with Proto Labs' digital model. I am happy to see that our joint manufacturing services will provide our customers Provide the opportunity, they will now have a variety of manufacturing services including injection molding and 3D printing source. ' Commenting on the acquisition, Vicki Holt, CEO of Proto Labs, said: 'We listened very closely to our customers and understood their needs.' 'We continue to look for opportunities to expand our ability to serve existing customers and expand our customer base.RAPID not only adds quick start and e-commerce sheet metal services to our product portfolio but also expands our processing capabilities to In support of larger and more complex projects, RAPID's culture is highly consistent with Proto Labs 'culture and has a talented and experienced team, and we are very pleased to welcome the Proto Labs family.' The latest financial results from Proto Labs show revenue from four divisions, which include injection molding, CNC milling, 3D printing, etc. 3D printing accounts for 12.6% of total revenue. Vicki Holt, CEO, described these results as 'performance tracked on a number of different metrics'. |
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