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ge buys germany\'s concept laser after slm bid fails

by:Tuowei     2019-09-06
FRANKFURT (Reuters)-U. S.
GE group (GE. N)
It has agreed to acquire a privately held German 3D printing company Concept Laser for 0. 549 billion euros ($599 million)
After bidding for a rival SLM solution on Thursday, the company said (AM3D. DE)failed.
GE and its competitors have begun to invest heavily in 3D printing, the so-called additive manufacturing, which produces fewer parts than traditional production methods, produces less waste, and expands the designThe U. S.
The group initially purchased 75% Lichtenfels-
Focusing on the Concept Laser Company for the manufacture of metal additives, the agreement allows it to have full ownership in a few years.
GE abandoned its bid for SLM on Wednesday after aggressive investor Elliott Advisors, who owns 20% of the SLM, rejected its bid, making it harder for GE to reach the minimum acceptance threshold.
On Thursday, however, it did raise its bid for Arcam ARCM, the Swedish manufacturer of 3D printers, and reduce the minimum acceptance conditions.
Elliott also holds a stake in the company.
GE said that the customer base of Concept Laser is concentrated in the aerospace, medical and dental industries, and there are also businesses in the automotive and jewelry industries.
The company has more than 200 employees, including operations in Texas and China.
GE spent about $1.
5 billion in terms of additive technology research, the company said it would make a \"significant\" investment in Lichtenfels, which would become the group\'s new hub in Germany. Co-
Founder Frank Herzog will continue to serve as chief executive officer.
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