Stratasys and Objet announce completion of merger deal
Stratasys and Objet have completed their merger in a move that the companies say will create a leader in 3D printing and direct digital manufacturing. The combined company will be known as Stratasys.
The transaction is expected to create significant revenue synergies from increased sales, and to be accretive to non-GAAP earnings per share immediately. Beginning 18 months after closing, Stratasys expects to be generating between $7m-$8m (£4.3m–£4.9m) of annual net cost synergies and between $3m–$4m in annual tax savings.
David Reis, former chief executive at Objet, has assumed the role of chief executive officer; Erez Simha, former chief operations officer and chief financial officer at Objet, has assumed the role of chief operations officer (IL) and chief financial officer; Scott Crump, co-founder and former chief executive officer of Stratasys, has become full-time executive chairman of the board; and Elchanan Jaglom, formerly chairman of Objet, is serving as the full-time chairman of the executive committee.