GE has agreed to buy the controlling shares of Arcam AB of Sweden following the conclusion of the extended public tender offer which ended on 10 November.
Arcam shares tendered during the extended acceptance period – combined with Arcam shares acquired by GE – correspond to approximately 73.57% of the total outstanding shares for GE.
In addition, GE filed to further extend the acceptance period for the tender offer to 29 November to allow remaining shareholders to accept the offer.
Based in Mölndal, Sweden, Arcam AB is the inventor of electron beam melting machines for metal-based additive manufacturing, and a producer of advanced metal powders with customers in the aerospace and orthopedic industries. Arcam generated US$80 million in revenues in 2015 with about 320 employees. Arcam also operates AP&C, a metal powders operation in Canada, and DiSanto Technology, a medical additive manufacturing firm in Connecticut in the U.S.A., as well as sales and application sites worldwide.
GE’s controlling ownership of Arcam stock will help enable GE to influence the company and its future direction. GE says that it will invest significantly in Arcam’s products and technology and will ultimately influence the makeup of the Arcam board of directors.
‘GE’s strong position as a controlling shareholder of Arcam is a key step in our overall additive strategy,’ said David Joyce, GE vice chairman and president and CEO of GE Aviation. ‘We are delighted with our relationship with Arcam, which follows our recent announcement with Concept Laser. GE is becoming a key player in the additive space.’
This story is reprinted from material from GE Additive, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
