voxeljet AG Announces Joint Venture in China
By Business Wire News
By Business Wire News
voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced the signing of a definitive agreement to form an equity joint venture with Suzhou Meimai Fast Manufacturing Technology Co., Ltd. (“Meimai”) to pursue opportunities in the industrial 3D printing market in China. Among the indirect shareholders of Meimai are MK Technology GmbH (“MK Technology“) and Metang Novatech Shanghai Co., Ltd. (“Metang“). Metang is a long standing distribution partner of voxeljet in China. Meimai operates a VX 800 3D printer which was purchased by MK Technology and delivered to Metang in 2011. The voxeljet printer will not form part of the contemplated joint venture.
The joint venture shall be called voxeljet China Ltd., subject to the approval by the local authorities. voxeljet China Ltd. will be controlled by voxeljet, who is holding a supermajority interest in the joint venture. Other terms of the transaction were not disclosed.
voxeljet China Ltd. will be headquartered in the city of Suzhou, near Shanghai, and is expected to begin providing on-demand part services from a temporary facility in the second quarter of 2016. The joint venture parties are in the early planning stages for a larger facility, which is expected to be similar in size to voxeljet’s existing service facilities in Germany and the United States.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We are excited to announce our joint venture partnership with Meimai in China as part of our ongoing growth strategy. Our long standing relationship with the principals of Meimai makes them the ideal local partner for us to establish a direct operating presence in the market. Their experience with our printers coupled with their existing customer base and relationships with end users of industrial 3D printing applications in China is a great benefit. This is a great opportunity for us and we look forward to growing together in the market.”
voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.de/en/.
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Director, Investor Relations and Business Development