MAPLE PLAIN, Minn.--(BUSINESS WIRE)--
Proto Labs (NYSE: PRLB) today announced that it has completed its acquisition of privately held company Rapid Manufacturing Group, LLC (“RAPID”). RAPID is a New Hampshire-based custom parts supplier specializing in quick-turn sheet metal fabrication and CNC machining. With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service while expanding its CNC machining capabilities.
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. The company currently employs approximately 300 people, and will expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs acquired RAPID for an aggregate purchase price of $120 million consisting of $110 million in cash and $10 million in Proto Labs stock. RAPID’s 2017 annual revenue is forecasted to be approximately $45 million.
Effective today, RAPID will start operating under the name “Rapid, a Proto Labs Company.” Over time, it will transition to operating solely under the Proto Labs brand.
About Rapid, a Proto Labs Company
Rapid, a Proto Labs
Company is a quick-turn manufacturer of sheet metal and CNC machined
parts. The company has built a reputation of providing customers quotes
within a day, and delivering prototype and low-volume production parts
to customers fast. Since it opened its doors in Nashua, NH in 2001, the
company has grown to over 300 employees with three manufacturing
facilities. Visit rapidmanufacturing.com
for more information.
About Proto Labs
Proto Labs is the world's fastest digital
manufacturing source for rapid prototyping and on-demand production. The
technology-enabled company produces custom parts and assemblies in as
fast as 1 day with automated 3D printing, CNC machining, sheet metal
fabrication, and injection molding processes. Its digital approach to
manufacturing enables accelerated time to market, reduces development
and production costs, and minimizes risk throughout the product life
cycle. Visit protolabs.com
for more information.
Forward-Looking Statements
Statements contained in this
press release regarding matters that are not historical or current facts
are “forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements involve known
and unknown risks, uncertainties and other factors which may cause the
results of Proto Labs to be materially different than those expressed or
implied in such statements. Certain of these risk factors and others are
described in the “Risk Factors” section within reports filed with the
SEC. In addition to statements that explicitly describe such risks and
uncertainties, readers are urged to consider statements in the
conditional or future tenses or include terms such as “approximately,”
“estimate,” “expected,” “plan,” “believe,” and variations of such words
or similar expressions are intended to identify forward-looking
statements
These forward-looking statements are based upon the expectations of management under current assumptions at the time of the press release. Proto Labs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Proto Labs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171201005371/en/
