Stratasys (SSYS) Completes Sale of Urethane Facilities
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Stratasys Ltd. (NASDAQ: SSYS) today announced that on August 31, 2023 it completed the sale of the Stratasys Direct, Inc. urethane facilities located in Poway, California to the Lamarjean Group, dba as PolyCraft Tech.
Stratasys Direct is the company’s on-demand parts service bureau. The decision to sell the non-core Urethane facilities is part of an operational transformation effort that began in early 2023 and is intended to drive better focus, accountability, internal efficiency, and speed to customer, while simultaneously improving profitability.
“The closing of this transaction demonstrates the clear, decisive action we are taking to ensure our team focuses on delivering quality and specialized products to customers around the world, and to improve the profitability of Stratasys Direct,” said Gurvinder Kahlon, General Manager and Vice President, Stratasys Direct. “Stratasys Direct has a strong foundation with a breadth of technological expertise, and I am confident in the opportunities ahead as we continue to take steps to drive stronger margins and position the business for future growth.”
“This is an important step in aligning the business to the company’s growth strategy and streamlining the organization for improved efficiency,” said Dr. Yoav Zeif, CEO of Stratasys. “The Stratasys Direct team is already improving our SAF and P3 technologies and they have grown key customer relationships through cross-selling. With even greater focus on the core strengths and technologies of Stratasys, the team will be even better positioned to provide customers with leading additive manufacturing solutions.”
Stratasys is leading the global shift to additive manufacturing with innovative 3D printing solutions for industries such as aerospace, automotive, consumer products and healthcare. Through smart and connected 3D printers, polymer materials, a software ecosystem, and parts on demand, Stratasys solutions deliver competitive advantages at every stage in the product value chain. The world’s leading organizations turn to Stratasys to transform product design, bring agility to manufacturing and supply chains, and improve patient care.
To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including Stratasys’ websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.
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