General Electric Co (GE) is continuing its push into the digital realm, spending US$1.4 billion to acquire two European 3D printing companies.
At the same time, it is boosting its old-school manufacturing capabilities with technology that will allow it to quickly punch out components for the automotive, airline and health industries at the whim of any client.
The Fairfield, Connecticut, company said on Tuesday that it expects the acquisition of Arcam AB and SLM Solutions Group AB to boost revenue within its 3D printing business to US$1 billion by 2020.
Photo: AP
GE has shed most of its financial service business to focus on its high-tech industrial operations. It had, before the deal announced on Tuesday, invested US$1.5 billion in 3D manufacturing technologies since 2010.
In February last year, in a letter to shareholders, GE chairman and CEO Jeffrey Immelt promised an earnings boost and payout to shareholders, while detailing his vision of a more technology-based firm.
Once the most valuable company in the world, GE’s market value has declined by about US$70 billion over the past decade.
In a report, Wohlers Associates Inc, an independent 3D printing technology consulting firm, says the industry grew by US$1 billion for the second year this year to more than US$5 billion.
The number of manufacturers selling industrial-grade 3D printers doubled from 2011 to last year, while about 278,000 desktop 3D printers were sold worldwide last year, according to Wohlers.
GE said it will keep the headquarters of the two companies in place and retain management and employees.
Sweden’s Arcam focuses on customers in the aerospace and healthcare industries. Arcam generated US$68 million in revenue last year and has about 285 employees.
SLM Solutions, based in Germany, has customers in the aerospace, energy, healthcare and automotive industries. SLM had US$74 million in revenue last year and 260 employees.
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