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Proto Labs Reaches Agreement to Acquire RAPID, Expands Services with Sheet Metal Fabrication
Nov. 21, 2017 08:49AM PST
Emerging TechnologyProto Labs (NYSE:PRLB) has announced it has entered into an agreement to acquire Rapid Manufacturing Group LLP. As quoted in the press release: With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service while expanding its CNC machining capabilities. “Quick-turn prototyping and low-volume manufacturing have always been at the …
Proto Labs (NYSE:PRLB) has announced it has entered into an agreement to acquire Rapid Manufacturing Group LLP.
As quoted in the press release:
With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service while expanding its CNC machining capabilities.
“Quick-turn prototyping and low-volume manufacturing have always been at the core of RAPID, and this foundation makes us a natural fit with Proto Labs’ digital model,” said Jay Jacobs, founder of RAPID. “I’m excited about the opportunities our combined manufacturing services will provide for our customers who will now have a single source for a variety of manufacturing services, including injection molding and 3D printing.”
RAPID was founded in 2001 on the idea of using automation to provide custom sheet metal parts faster than traditional methods—a story that closely parallels Proto Labs’ own. Over the next 16 years, RAPID steadily grew its manufacturing operation in terms of both capabilities and scale, including the addition of CNC machining, and now operates in 140,000 sq. ft. of manufacturing space. The company currently employs approximately 300 people, and will expand Proto Labs’ team to more than 2,000 employees worldwide.
This expansion of Proto Labs’ services and capabilities reinforces its promise to customers to continue to seek ways to further optimize product development and improve supply chain efficiencies through a variety of digital manufacturing methods.
“We listen to our customers very closely to understand their needs,” explained Vicki Holt, Chief Executive Officer of Proto Labs. “We continue to look for opportunities to expand our capabilities to serve our existing customers and to expand our customer base. RAPID not only adds quick-turn and e-commerce-enabled sheet metal services to our portfolio, it also expands our machining capabilities to support larger and more complex projects. In addition, RAPID’s culture is highly aligned with that of Proto Labs, with a talented and experienced team that we are very excited to welcome to the Proto Labs family.”