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voxeljet AG To Pursure Opportunities in China's 3D Printing Market
Dec. 01, 2015 11:25AM PST
Emerging Technology Investingvoxeljet AG (NYSE: VJET) has signed a definitive agreement to form an equity joint venture with Suzhou Meimai Fast Manufacturing Technology Co. This will allow voxeljet AG to pursue opportunities in the industrial 3D printing market in China.
voxeljet AG (NYSE: VJET) has signed a definitive agreement to form an equity joint venture with Suzhou Meimai Fast Manufacturing Technology Co. This will allow voxeljet AG to pursue opportunities in the industrial 3D printing market in China.
According to the press release:
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.”