Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional metal & ceramic Additive Manufacturing (“AM”) 3D printers, announced today that it has signed and closed a definitive agreement to acquire Formatec Holding B.V (“Admatec/Formatec”), which includes its two subsidiaries – Admatec Europe B.V. (“Admatec”) and Formatec Technical Ceramics B.V. (“Formatec”).
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Admatec/Formatec, based in the Netherlands, are comprised of two complementary businesses operating together, which were part of the U.S.-based Precision Surfacing Solutions. It is a leading developer and manufacturer of additive manufacturing and 3D printing systems for ceramic and metal end-user parts. Its industry-grade systems – powered by digital light processing technology – use materials with superior mechanical, electrical, thermal, biological, and chemical properties to produce an array of parts for medical, jewelry, industrial, and investment casting uses. Admatec/Formatec’s industrial production service division is a design-to-production partner for industrial-scale customers via its service bureau platform that combines the advantages of injection molding and additive manufacturing. Both means of production have served as a strategic advantage in working with customers, from early-stage ideas into serial production of end-use parts.
Admatec/Formatec has shown promising financial results under strenuous circumstances of its parent company, indicating that accelerated growth based on its innovative technology can be expected. The business delivered $5.3 million in revenue with a gross margin of 56% in 2021. Nano Dimension has paid a total cash sum of $12.9 million for Admatec/Formatec (net of its cash).
By joining Nano Dimension, Nano Dimension believes that Admatec/Formatec are now poised for even greater success within the Industry 4.0 landscape, which Nano Dimension is at the forefront of transforming with its combination of deep learning-based AI, additive manufacturing, materials science, and robotics. This expertise is planned to enable advanced breakthroughs across the Admatec/Formatec set of solutions and expected to drive tremendous competitive edges for customers.
Nano Dimension’s go-to-market platform is geared to accelerate and broaden the reach of Admatec/Formatec’s products and services to growing markets, particularly in the United States and Europe, where a tailwind of macro trends is driving demand for additive manufacturing (AM) while onshoring and localizing high-mix low-volume manufacturing.
With Admatec/Formatec, Nano Dimension will add two critical aspects to its offering in the AM domain: Materials and new product types. Materials have and will continue to be the bedrock of a successful AM offering. Nano Dimension is already leading in materials science thanks to the breakthroughs in driving additively manufactured electronics with both conductive and dielectric materials. Now, Nano Dimension will also benefit from ceramic and metals – two critical materials for developing applications and end-use parts. To date, Nano Dimension has focused on AME and Micro-AM. As the Company advances, offering new Admatec/Formatec product types will harness the ability for customers to print larger parts – going in size from millimeters to multiple centimeters/inches. This is all further enhanced by the combination of possibilities for Nano Dimension with 3D-Addititve Manufacturing integrated with Metal Injection Molding.
Jaco Saurwalt, Chief Operating Officer of Admatec/Formatec, who is joining Nano Dimension as the Head of its Admatec/Formatec Division, commented, “The teams across Admatec and Formatec are excited to become a part of Nano Dimension. We are proud of how we have developed this business and are convinced that we shall be able to expand and accelerate our growth based on our present technology and services. We expect that the combined expertise with Nano Dimension will further establish a leading position in the high-mix-low-volume metal 3D-AM production markets.”
Yoav Stern, Chairman and Chief Executive Officer of Nano Dimension, shared, “Admatec/Formatec’s scientists, engineers and other team members, all of whom joined Nano Dimension upon closing of this transaction, are experts and industry veterans in AM 3D-industrial processes. They are going to continue to be led by their present management team.” Mr. Stern added, “Admatec/Formatec’s products and services expand Nano Dimension’s Fabrica Division, adding volume manufacturing capabilities to the high precision micro-mechanical Fabrica 2.0 systems.”
“No less important,” Mr. Stern concluded, “is our intention to use our deep learning-based artificial intelligence technologies, from our DeepCube acquisition, to become the “robotic brains” for Admatec/Formatec systems. We expect this will improve yield and throughput and drive a more seamless integration with Nano Dimension’s Fabrica systems. Admatec/Formatec’s machines and services fit the larger picture of Nano Dimension’s vision, aiming to establish “Industry 4.0” solutions, which entail building an AI-based “distributed digital manufacturing application” rather than just machines as capital equipment. The end goal is to reach a capability for maintaining digital inventory of high-end printed mechanical parts in digital form: print them as you need them, where you need them, only the quantity you need, in the best quality at competitive prices, with the highest yield and throughput possible for that point in time, specifically for high mix/low volume scenarios.”
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