SINGAPORE--(BUSINESS WIRE)--Feb. 8, 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
“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
About SIA Engineering Company
(Company Registration No.
SIA Engineering Company (“SIAEC”) 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.
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
Corporate Headquarters: Minneapolis, Minnesota and
Online at: www.stratasys.com,
Stratasys is a registered trademark of Stratasys Ltd. and/or its
subsidiaries or affiliates.
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Source: Stratasys Ltd.
SIA Engineering Company
Toh Meng Wee, (65) 6549 2495
Risk Management & Public Affairs
Hiemenz, +1 952-906-2726 (USA)
Librett, +1 518-494-3442 (USA)