GE has agreed to acquire metal additive manufacturing company Concept Laser for 549 million euros after a bid for Concept Laser’s rival German company SLM Solutions fell over.
According to Reuters, the initial acquisition will be for 75 per cent of Concept Laser, progressing to full ownership within “a number of years”.
GE announced on September 6 that it had made an offer for SLM and Swedish company Arcam (a maker of metal additive manufacturing units using electron beam technology) for a combined $US 1.4 billion.
The offer for SLM was a 38 per cent euro premium on its share price on September 5, though it fell over after it was rejected by activist shareholder Elliott Advisors, which holds a fifth of SLM’s shares.
GE’s adoption of additive manufacturing has been led by GE Aviation, though it is also using it for medical equipment and power turbines.
Concept Laser has over 200 staff and is Lichtenfels-based, with operations in Texas and China. The acquisition will see the company keep its CEO Frank Herzog, notes Fortune.