3D Systems Acquires Provel, Italy's Leading Prototyper
Company Continues to Expand Its 3Dproparts(TM) Service in Europe
3D Systems Corporation (Nasdaq:TDSC), announced today that it has acquired Provel, S.r.l., an Italian provider of rapid prototyping, tooling and manufacturing services, as part of the company's continued expansion of its 3Dproparts(TM) service in Europe.
Based in Turin, Italy, Provel delivers a comprehensive portfolio of premier rapid prototyping, tooling and manufacturing services to all leading Italian automotive and durable goods manufacturers specializing in Stereolithography, Selective Laser Sintering, Rapid Tooling and Urethane casting.
"We are very pleased to add an Italian prototyper with Provel's renowned reputation to our rapidly growing 3Dproparts(TM) operations," said Abe Reichental, president and chief executive officer of 3D Systems. "With Provel, under the capable leadership of Giorgio Buson, and CEP as our European anchors, we intend to continue our European expansion for the benefit of our growing customer base."
The company acquired all of Provel's outstanding shares primarily in a cash transaction with a portion paid in shares. The cash portion of the purchase price was paid from the company's cash and excluded a deferred payment due on the first anniversary. The former owners of Provel are also eligible to receive a onetime earn-out payment subject to achieving a certain agreed upon EBITDA target. The company expects the Provel acquisition to be accretive to its earnings.
Detailed information about this transaction can be found in the company's Form 8-K filed with the SEC this morning.
3D Systems launched 3Dproparts(TM), the world's fastest growing Rapid Prototyping and Manufacturing parts service, in October of 2009. Since then, the company has expanded its 3Dproparts(TM) service offerings domestically and internationally through organic growth and several strategic acquisitions, with Provel being the largest of the acquisitions. The addition of Provel is expected to significantly extend 3Dproparts(TM) full range of design-to-manufacturing solutions and geographical reach in Europe.
About 3D Systems Corporation
3D Systems is a leading provider of 3D Printing, Rapid Prototyping and Manufacturing systems and parts solutions. Its expertly integrated solutions reduce the time and cost of designing products and facilitate direct and indirect manufacturing by creating actual parts directly from digital input. These solutions are used for design communication and prototyping as well as for production of functional end-use parts: our customers Create With Confidence.
More information on the company is available at www.3DSystems.com, printin3D.com,www.dpt-fast.com, www.toptobottomdental.com, www.3Dproparts.com, www.mqast.com, blog.3Dsystems.com, or via email at moreinfo@3Dsystems.com.
About Provel, S.r.l.
Provel S.r.l. is an Italian, leading group in the production of Rapid Prototyping and Tooling, primarily for the automotive industry and also for other industrial and design fields. Provel's powerful rapid prototyping and tooling production capacity is the largest in Italy and one of the largest in Europe.
More information on the company is available at http://www.provel.it/.
CONTACT:
3D Systems Corporation
Investor Contact:
Stacey Witten
803-326-4010
WittenS@3dsystems.com
Media Contact:
Katharina Hayes
803-326-3941
HayesK@3dsystems.com
