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Binder jet 3D printer manufacturer voxeljet has initiated a formal review process to evaluate “strategic alternatives for the company.”
These strategic alternatives may include a full range of strategic, business, and financial options. Investments, mergers and acquisitions, joint ventures, strategic partnerships, and other transactions are all said to be on the table.
The decision to initiate this review was headed by the company’s Management Board and Supervisory Board. To assist in the exploration of strategic alternatives, voxeljet has engaged BNP Paribas Securities Corp. as financial adviser and Hogan Lovells International LLP as legal adviser.
voxeljet does not intend to make any further public comment regarding the strategic review, “unless and until the Boards have approved a specific course of action, or until the Company determines that further disclosure is required by law or otherwise deemed appropriate.”
Reviewing strategic alternatives at voxeljet
In a statement, voxeljet commented that there is no definitive timetable for completing the strategic review. What’s more, the company has made no assurance that the review process will result in any transaction, or “any other strategic change or outcome.”
US-listed shares of VJET showed signs of volatility in the wake of the announcement, with share-prices initially jumping more than 12%, and then dropping by nearly 4%.
With voxeljet’s Q3 reporting period having ended on September 30th, this announcement could suggest a slump in the company’s quarterly financial results. Alternatively, as efforts to acquire another company are not off the table, the announcement could suggest an uptick in voxeljet’s financial position.
Recent unsuccessful efforts by 3D printer manufacturer Stratasys to acquire Binder Jet and BMD 3D printer manufacturer Desktop Metal could have also influenced this decision, with voxeljet perhaps looking to attract potential bidders.
voxeljet reported an operating loss of -€2.9 million in Q2 2023, increasing 45% year-over-year, and 3.6% quarter-over-quarter. Moreover, the company’s net loss doubled to €3.6 million. However, Voxeljet has demonstrated steady revenue growth over recent months, reporting a 1.5% Y/Y and 13.3% Q/Q increase to €6.8 million in Q2 2023.
Acquisition and merger activity in additive manufacturing
The ongoing saga surrounding US-based 3D printer manufacturer 3D Systems’ potential acquisition of Stratasys shows no signs of abating.
It was recently announced that Stratasys has terminated its deal to acquire Desktop Metal. This decision followed an Extraordinary General Meeting of Shareholders (EGM), where 78.6% of Stratasys’ shareholders voted against the proposed merger. As a result, Stratasys has now started a process to “explore strategic alternatives.”
3D Systems is now looking to capitalize on this result. The company submitted a binding offer to Stratasys on September 13, 2023, which runs out on October 5 2023. However, acknowledging some stakeholders’ concerns, 3D Systems has offered to amend its proposal to include a 60-day period where Stratasys can seek alternative offers. This arrangement would also allow Stratasys to opt out if a better deal surfaces.
Although Israeli 3D printer manufacturer Nano Dimension has previously demonstrated interest in acquiring Stratasys, it has not yet announced whether it intends to reignite these efforts.
Elsewhere, California-based dental clear aligner manufacturer Align Technology Inc. recently announced that it has entered into a definitive agreement to acquire polymer 3D printer manufacturer Cubicure GmbH. Cubicure is a portfolio company of additive manufacturing venture capital firm AM Ventures.
Align claims this acquisition will extend its 3D printing, materials, and manufacturing capabilities for its 3D printed dental product portfolio. The deal is also said to strengthen the company’s intellectual property.
Align is already a long-standing partner of 3D Systems. As part of this 25-year collaboration, Align has helped to treat over 15.7 million patients with its 3D printed Invisalign offering. Following the announcement regarding Align’s deal with Cubicure, 3D System’s faced “significant shareholder inquiries,” with the company’s stock price dropping from $5.73 per-share to $4.91.
In a press release, 3D Systems stated that Cubicure’s R&D efforts “have had no impact” on the company’s operations, noting that its “forecasts remain intact and already accounts for Align’s existing partnership with Cubicure.”
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Featured image shows the sign at voxeljet HQ. Photo via voxeljet.