An Upcoming Pure Play 3-D Printing Company IPO developing new material sets including tungsten carbide
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- Category: Tungsten's News
- Published on Wednesday, 25 September 2013 15:20
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Those interested in investing in the fast-growing additive manufacturing, or 3-D printing, industry will soon have another option. Germany-based Voxeljet filed for an initial public offering on Sept. 17 to raise up to $100 million. The company will join 3D Systems (NYSE: DDD ) , Stratasys (NASDAQ: SSYS ) , and ExOne (NASDAQ: XONE ) as the pure play 3-D printing companies trading on major U.S. stock exchanges when it lists on the NYSE under the ticker VJET.
Could Voxeljet be an attractive investment? Where does it fit into, and how might it alter, the industry landscape?
Pricing terms weren't disclosed, so we can't get a feel for valuation, such as price-to-sales or price-to-earnings ratios. But, this tech IPO does have earnings. We can, however, look at some financials and potential competitive advantages.
Big build boxes & big competition
Voxeljet provides high-speed, large-format 3-D printers and on-demand parts services to industrial and commercial customers. It offers five platforms priced from $163,000 to $2.1 million. The company was founded in 1999, and one of the founders and the key inventor of its technology, Dr. Ingo Ederer, is CEO.
It's not involved in the consumer market, so in this respect, it's more similar to ExOne, an industrials pure play. 3D Systems and Stratasys offer primarily consumer and commercial printers. Also like ExOne, its on-demand parts printing service accounts for a large portion (55% in the first half of 2013) of its business. It's now in the process of more than doubling the size of its German service center -- which it believes to be one of the largest in the EU -- to 40,000 sq. ft. and plans to use IPO proceeds to establish service centers in North America and Asia.
Its printers use powder binding technology, which involves chemical binding agents used to bind together the material being printed. ExOne uses a similar technology. Voxeljet's printers have several sand and plastics capabilities. It's currently developing new material sets, including additional sands, PMMA-based plastics (think Plexiglas), ceramics, silicon carbide, tungsten carbide, wood powder, and cement.
ExOne is the primary competitor on the sand end, as its machines also produce sand molds, which industrial customers use to cast metal components. ExOne also sells machines that have industrial metals and glass capabilities. 3D Systems and Stratasys are competitors on the plastics end.
Given the similar technology and sand-based castings focus, it's not a surprise, there's a Voxeljet, ExOne link. In 2003, Voxeljet granted ExOne exclusive rights to make and sell machines related to certain patents and technology using binders and sand-based casting in return for royalty payments. Voxeljet can use these patents for printers working with plastics. The prospectus states: "We believe these restrictions will not materially impact the growth of our business, as we have developed processes which do not rely upon the subject patent portfolio and associated agreements."
The obvious question: How do these two companies' sand-based castings technologies compare?
I don't have input at this point, but it's a question ExOne investors and those considering investing in Voxeljet should explore. These companies are direct competitors. Further, they're now each expanding or planning to expand in the other's home turf. Voxeltjet plans to open service centers in North America as well as Asia. And ExOne announced in August that it's building a facility that will double its footprint in Germany.
Voxeljet serves the foundry, auto, heavy equipment, power fluid handling, and aerospace industries. Customers include Daimler, BMW, Ford, Hyundai, Volkswagen, Porsche, 3M, and Liebherr Group (a manufacturer of construction equipment and aircraft parts). Its commercial focus is on the film and entertainment, architecture, medical products, and consumer products industries.
The Prop Shop, which makes props for the entertainment industry, is a major customer. (Voxeljet and Propshop got a lot of press for producing the stunt-double Aston Martin cars used in the 2012 James Bond film "Skyfall.")
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WC Co contains tungsten carbide (WC) and cobalt Developed
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- Published on Wednesday, 25 September 2013 15:17
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A new hard metal recently developed can be used to replace tungsten carbide (WC), the hard metal widely used in industry today and whose global availability is becoming critical.
The new material, developed over the past three years by Finnish-based Exote Ltd and the VTT Technical Research Centre of Finland, also possesses excellent bullet-proofing qualities. Ballistic tests have show it has an un-equalled ability to stop armor-piercing bullets.
The hard metal is known as WC Co contains tungsten carbide (WC) and cobalt (co), both of which are defined by the EU as critical and, in the case of cobalt, dangerous to health. Tungsten carbide is commonly used in industrial applications demanding strength and durability. The EU critical materials list contains those substances of significance to the EU economy but whose availability is at great risk, and are mostly non-renewable. Exote's material is a more ecological alternative and the new manufacturing technology enables comparable properties to be acquired from other raw materials.
Exote's material withstands high temperatures and has high-level strength and durability. The metal is ideal for the manufacture of crusher blades and shear cutters, as well as exacting product tools. In ballistic protection it can be used to both personal- and vehicle protection. At the highest NATO-defined protection levels, the material has been proved to be superior. The growing threat of roadside bombs, grenade splinters and armor-piercing bullets can now be reduced by solutions based on this new material, they note.
VTT and Exote Ltd carried out further development on the material Exote has in production through the use of nano additives, which enable changing its toughness and hardness according to intended use.
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Vortex Has been Developed to Gain the Maximum Benefit from Solid Carbide Tooling
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- Published on Tuesday, 24 September 2013 14:04
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Vortex has been developed by the company specifically to gain the maximum benefit from solid carbide tooling, in particular those designs that can give deeper cuts by using the full flute length as the cutting surface.
It can be used for two- and three-axis roughing, three-plus-two-axis area clearance and for rest machining based on stock models or reference toolpaths.
Unlike other high-speed roughing techniques that aim to maintain a constant theoretical metal-removal rate, the Vortex system produces toolpaths with a controlled engagement angle for the complete operation. According to the company, this maintains the optimum cutting conditions for the entire toolpath that would normally be possible only for the straight-line moves.
Vortex roughing gives a constant pitch, which shows that the tool is operating under consistent conditions. Furthermore, it is claimed that users will be able to see the difference in the regular size and thickness of the chips produced, providing further evidence of the consistency of the cut.
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Kennametal to Acquire ATI’s Tungsten Materials Business
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- Published on Wednesday, 25 September 2013 15:09
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Kennametal Inc., a specialty metals manufacturing firm headquartered in Latrobe, Pa., has signed a definitive agreement to acquire the Allegheny Technology Inc.’s (ATI) Tungsten Materials Business for $605 million. ATI’s Tungsten Materials Business is a producer of tungsten metallurgical powders, as well as tooling technologies and components. The business has approximately 1,175 employees across 14 operating facilities globally and consists of two divisions: ATI Firth Sterling and ATI Stellram. The transaction has been approved by both companies’ boards of directors and is expected to close before the end of the calendar year, subject to customary regulatory approvals and closing conditions. ATI is based in Pittsburgh.
“ATI’s Tungsten Materials Business brings vital strategic assets that are an excellent complement to Kennametal, especially given our common focus on operational excellence and industry-leading material science,” says Carolos Cardoso, Kennametal’s chairman, president and CEO. “The addition of the expanded material and tooling technologies of ATI’s Tungsten Materials Business will enable us to offer more to our customers around the world. We look forward to building on our respective strengths to accelerate growth while generating even greater value for our business and ultimately our shareholders.”
This acquisition is aligned with Kennametal’s growth strategy and positions the company to further diversify its portfolio. The company expects to capitalize on the material technology capabilities, engineered components and world-class tooling products of ATI’s Tungsten Materials Business to expand its presence in the aerospace and energy markets.
According to a Kennametal press release, the acquisition will advance the company’s core strategy of diversifying the company’s tungsten sourcing to balance supplies, costs and access to raw materials, including those produced from recycled products. The ability of ATI’s Tungsten Materials Business to produce critical materials from recovered tooling and scrap will enhance Kennametal's material sourcing and development capabilities to support its growth initiatives.
The company also notes that the acquisition will accelerate its previously announced plans to expand capacity and develop an advanced tungsten carbide recycling facility in the United States to serve global markets. The company also estimates that this will reduce planned capital expenditures by $30 million to 35 million and expects to achieve economy of scale six to eight years earlier than prior projections.
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Gene Haas Donates $1m for Machining, Manufacturing include Tungsten Carbide Scholarships
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- Published on Tuesday, 24 September 2013 13:56
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The money – available in Europe, Canada, the US, and South Africa – is a gift through the Gene Haas Foundation.
Haas Automation Europe has announced the availability of a $1 million (€745,000) scholarship fund for machining and manufacturing education created by Gene Haas, the company’s founder and CEO.
The company noted that the money was provided to continue the machine tool magnate’s mission of ensuring a continuous supply of highly qualified students for manufacturing-based jobs, especially in industries where precision machining is crucial.
The founder explained his motivation. “By reducing the financial burden for students, we expect them to better focus on high academic achievement. Our goal is to help increase the quality and retention of students in manufacturing training programs across Europe. This is especially important at a time when young people appear to be losing interest in manufacturing-based careers.”
Applications for the scholarships are available online and managed by the Society of Manufacturing Engineers Education Foundation. It said it expects to award up to 1,000 scholarships this year. Scholarships of €500 to €2,000 are available, depending on the cost of the program of study, Hass Automation explained.
Foundation CEO Bart Aslin said, “Applications are made by the school, to which funds are sent directly.” A scholarship committee will review applications as they are submitted to ensure the minimum eligibility requirements are met. All applicants meeting the requirements will be awarded a scholarship, as long as funding is available.
“As we work to dispel the myth that people with a Bachelor’s degree automatically make more money than those without, we recognize the importance of creating educational pathways that allow all students the chance to earn a good living,” Aslin added.
Schools can download the application form at smeef.org and e-mail it to haas@sme.org. The last day for applications is 1 November 2013, the company said.
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