Singapore’s SIA Engineering, Stratasys Announce Joint Venture for Additive Manufacturing
SINGAPORE, Feb 9, 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.
About SIA Engineering Company
SIA Engineering Company (“SIAEC”) (Company Registration No. 198201025C) is a major provider of aircraft maintenance, repair and overhaul (“MRO”) services in Asia-Pacific. SIAEC has a client base of more than 80 international carriers and aerospace equipment manufacturers. It provides line maintenance services at 37 airports in 8 countries, as well as airframe and component services on some of the most advanced and widely used commercial aircraft in the world. Apart from MRO services, SIAEC also offers a comprehensive and integrated suite of solutions under its fleet management services.
The 25 ventures with original equipment manufacturers and strategic partners in Singapore, Australia, Hong Kong, Indonesia, Japan,Philippines, United States and Vietnam increase the depth and breadth of the Company’s service offerings. SIAEC has approvals from 26 national aviation regulatory authorities. For more information, visit www.siaec.com.sg
About Stratasys Ltd.
Stratasys (NASDAQ: SSYS) is a global leader in applied additive technology solutions for industries including Aerospace, Automotive, Healthcare, Consumer Products and Education. For nearly 30 years, a deep and ongoing focus on customers’ business requirements has fueled purposeful innovations—1,200 granted and pending additive technology patents to date—that create new value across product lifecycle processes, from design prototypes to manufacturing tools and final production parts. The Stratasys 3D printing ecosystem of solutions and expertise—advanced materials; software with voxel level control; precise, repeatable and reliable FDM and PolyJet 3D printers; application-based expert services; on-demand parts and industry-defining partnerships—works to ensure seamless integration into each customer’s evolving workflow. Fulfilling the real-world potential of additive, Stratasys delivers breakthrough industry-specific applications that accelerate business processes, optimize value chains and drive business performance improvements for thousands of future-ready leaders around the world.