SINGAPORE, February 8, 2018 – Mainboard-listed SIA Engineering Company Limited (“SIAEC”) and Stratasys Ltd. (Nasdaq: SSYS), a global leader in applied additive solutions, have signed a Joint Venture Agreement to establish an additive manufacturing service centre to provide 3D printed parts for use in commercial aviation. This follows the Memorandum of Understanding signed and announced on 5 April 2017.
Under the agreement, SIAEC will have a 60 percent equity stake in the joint venture, with Stratasys holding the remaining 40 percent.
This Singapore-based additive manufacturing joint venture will offer design, engineering, certification support and part production to customers worldwide including airlines, maintenance, repair and overhaul (“MRO”) providers and original equipment manufacturers (“OEMs”). This joint venture will leverage on additive manufacturing technology to produce plastic aircraft cabin interior parts as well as tooling for MRO providers.
“With increasing adoption of additive manufacturing technology in the aerospace industry, this joint venture will be able to access growing demand for additive manufacturing services. We look forward to partner with Stratasys to provide our customers with new service offerings as we continue to enhance our suite of MRO services,” said Mr Png Kim Chiang, Chief Executive Officer of SIAEC.
Mr Ilan Levin, Chief Executive Officer of Stratasys, said, “We are excited to be working with such an innovative and ambitious partner. By drawing on industry knowledge at SIAEC, we have tremendous opportunity to deliver unique solutions in this high requirement and highly regulated segment. The joint venture will benefit from Stratasys’ near 30 years of additive technology, materials and application development, enabling it to stay at the forefront of its product offerings.”
The transaction is not expected to have a material impact on the financial performance of SIAEC or Stratasys in FY2017/18. None of the Directors of SIAEC or Stratasys has any interest, direct or indirect, in the transaction.