MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Dec. 1, 2017--
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/
Source: Proto Labs
Investor Relations Contact:
Proto Labs
Dan Schumacher,
763-479-7240
Director of Investor Relations
daniel.schumacher@protolabs.com
or
Media
Contact:
Padilla for Proto Labs
Tim Nelson, 612-455-1789
Tim.Nelson@PadillaCo.com