Proto Labs announced the launch of its additive manufacturing service through the acquisition of privately held FineLine Prototyping, a provider of additive manufacturing services.
FineLine, based in Raleigh, N.C., offers stereolithography, selective laser sintering and direct metal laser sintering services to corporate customers in a wide variety of industries, including medical, aerospace, computer/electronics, consumer products and industrial machinery, among others. The company can deliver rapid-prototype parts, ranging from small, highly-detailed parts to large patterns.
Fine Line generated revenues of approximately $9.7 million in 2013. Under terms of the agreement, Proto Labs will acquire FineLine for total consideration of $38 million. Proto Labs will continue to operate the FineLine facility out of Raleigh, and expects to retain the services of all key employees, including FineLine principals Rob Connelly and Craig Goff to lead the global additive manufacturing services.
“We are excited to launch our new additive manufacturing service,” said Vicki Holt, Proto Labs president and CEO. “The FineLine acquisition is the first step in building this new service. We will look to expand our additive manufacturing capabilities in the US, as well as globally, through both organic growth and potential new acquisitions. Our customers have been asking us to provide additive manufacturing services for quite some time, and now we can address that need. We’re accepting orders starting today.”
The company has also completed renovation of the Plymouth Industrial Building in Plymouth, Minn., and will begin operations there this month.
The new building will initially house 175 employees, split evenly between office and manufacturing workers. Proto Labs plans to eventually expand that number to 300 employees by 2017. The new Plymouth location increases the Proto Labs U.S. manufacturing facilities capacity to support up to 425 CNC machines and 180 injection-molding presses.
For more information, visit Proto Labs.
Sources: Press materials received from the company and additional information gleaned from the company’s website.