Xaar sells stake in Xaar 3D
Published: 7 October 2021 | No comments yet
Xaar CEO John Mills says the agreement will provide Xaar 3D with 'the best opportunity to continue its progress and leadership in the field of industrial 3D printing.'
Xaar has conditionally agreed to sell its remaining interest in Xaar 3D to joint partner Stratasys Solutions. The companies originally teamed up to form Xaar 3D back in 2018, their aim being to develop high-speed sintering additive manufacturing systems for Stratasys to bring to market.
Xaar has made the decision to divest after realising that, despite progress being made, the pandemic meant that Xaar 3D would likely require more investment than originally planned.
‘This agreement will provide Xaar 3D with the best opportunity to continue its progress and leadership in the field of industrial 3D printing,’ explained Xaar CEO John Mills. ‘We have enjoyed our partnership with Stratasys and look forward to continuing to work with them to supply printheads to Xaar 3D and share in the long-term success of the business. The agreement will also allow us to focus on our core business and other opportunities in the market that will support our long-term growth strategy.’
It has been a time of change at Xaar ever since April 2020, when the senior leadership bought shares in the business to ‘underline their commitment and confidence in its new strategy.’
That leadership proceeded to unveil a plan for long term growth a few months later and since then had gone on to open a new Cambridge headquarters and announce the takeover of print systems and printbar specialist FFEI.
Xaar says that additive manufacturing will remain an important focus for its printhead business, with the needs of the sector supported by Xaar’s ‘extensive product portfolio and strong partnership approach to working with its customers.’