Germany’s Covestro has signed an agreement to sell its additive manufacturing business to Stratasys. The selling price amounts to approximately €43 million. In addition, there is a potential earn-out of up to €37 million, which is subject to the achievement of various performance metrics. The transaction is planned to be closed in the first quarter of 2023.

With the decision to sell the additive manufacturing business, Covestro continues its portfolio optimisation in order to position itself even more efficiently in the market and to be able to place greater focus on its extensive offering for customers in its core industries, the company said in a press release.

Covestro’s divested business includes employees, research & development facilities, production assets and offices in the Netherlands, Germany, the US and China as well as access to a large network of partners globally. The business offers material solutions for common polymer 3D printing processes. The portfolio of the additive manufacturing business also includes products from the resins & functional materials business acquired from DSM in 2021. It includes brands such as Somos and Addigy.

“Additive manufacturing is a growing, but also highly competitive market. We are convinced that Stratasys offers the optimal conditions to support the further growth of our former additive manufacturing business in this field,” Thomas Toepfer, CFO of Covestro, said.