Stratasys Completes Objet Acquisition
MINNEAPOLIS (AP) -- Stratasys Inc., which makes three-dimensional printers and prototyping systems, has completed its all-stock acquisition of rival Objet Ltd.
The deal, announced in April, gives Stratasys shareholders about 55 percent of the combined company. Israel's Objet stockholders will own the rest, the companies said Monday.
Former Objet CEO David Reis is CEO of the combined company, while former Stratasys CEO and co-founder Scott Crump is executive chairman.
The combined company will trade on the Nasdaq as Stratasys Ltd. It will have headquarters in both Eden Prairie, Minn., and Rehvot, Israel, and will be incorporated in Israel.
Objet's former chairman, Elchanan Jaglom, is serving as chairman of the executive committee. Objet's former chief operations officer and chief financial officer, Erez Simha, is the COO and CFO for the combined company.
Stratasys said Monday that the buyout will add to its adjusted earnings per share immediately. The company anticipates achieving between $7 million and $8 million in annual cost savings starting 18 months after closing.