Benzinga | Oct 6, 2021 06:41AM EDT

Stratasys Acquires Remaining Stake In Xaar 3D For Undisclosed Sum

* Polymer 3D printing solutions provider Stratasys Ltd (NASDAQ:SSYS) acquired the remaining shares of Xaar 3D Ltd from Xaar PLC (OTC:XAARF), accelerating its growth in production-scale 3D printing. The financial terms of the transaction remain undisclosed.

* Stratasys previously owned a 45% stake in Xaar 3D. The Xaar 3D team will join Stratasys to continue developing the H Series platform and SAF technology.

* Stratasys held $522.7 million in cash and equivalents as of June 30.

* "We are committed to being the leading provider of production-scale polymer 3D printing for our customers as additive manufacturing continues to transform industries around the world," Stratasys CEO Dr. Yoav Zeif said.

* In April 2021, Stratasys introduced the H350 3D printer, the first system powered by Xaar 3D's powder-based SAF technology.

* Price Action: SSYS shares closed higher by 3.87% at $22.55 on Tuesday.