The ExOne Co., a Pittsburgh-based sand and metal 3D printer manufacturer, has officially been acquired by Burlington, Massachusetts-based advanced manufacturing company Desktop Metal Inc. (NYSE: DM) following a successful vote in favor of the deal by ExOne shareholders.
According to a Desktop Metal press release, the deal closed at a value of $561.3 million, which saw ExOne shareholders receive $8.50 in cash and $16.43 in shares of Desktop Metal common stock for each share of ExOne common stock they owned.
"This acquisition is a landmark moment for the additive manufacturing industry and creates an unmatched portfolio that strengthens Desktop Metal’s ability to accelerate the adoption of AM 2.0,” said Ric Fulop, founder and CEO of Desktop Metal, in the release. “We are proud to welcome ExOne’s talented team to Desktop Metal and to move forward as one company focused on the mass production of end-use parts through AM."
ExOne will maintain operations as a wholly owned subsidiary of Desktop Metal, keeping its headquarters in North Huntingdon, which is what ExOne CEO John Hartner intended when the deal was first announced in August.
"We've got a good presence in Pittsburgh; we're going to continue to have that presence and grow it," Hartner said in August. "It's really a positive story, I think, for western Pennsylvania and the city."
ExOne, with $59.5 million in annual revenue, ranked as No. 33 on the Pittsburgh Business Times' list of largest manufacturing firms. Its predecessor, Extrude Hone, served as a pioneer to the 3D printing industry since its founding in 1995. The company had its public debut in 2013 and listed on the Nasdaq stock exchange.
