To accelerate adoption of 3D printed production parts for commercial aviation
SINGAPORE, April 5, 2017 /PRNewswire/ -- Mainboard-listed SIA Engineering Company Limited ("SIAEC") and Stratasys Ltd. (Nasdaq: SSYS), the 3D printing and additive manufacturing solutions company, today announced jointly the signing of a Memorandum of Understanding ("MOU"), to establish a strategic partnership specialising in additive manufacturing to accelerate the adoption of 3D printed production parts for commercial aviation.
Under the MOU signed today, the parties will explore a joint venture to be majority owned by SIAEC. This strategic partnership combines Stratasys' deep knowhow and expertise in additive manufacturing, including in the aerospace segment, with SIAEC's comprehensive maintenance, repair and overhaul ("MRO") service offerings to provide airline customers across the globe with scheduled maintenance and on-demand parts solutions.
Together, the parties intend to establish a Singapore-based Additive Manufacturing Service Centre, offering design, engineering, certification support and part production to SIAEC's well-established network of partners and customers. Stratasys will provide the domain expertise related to additive manufacturing and drive the development of aerospace applications together with SIAEC.
Mr Png Kim Chiang, Chief Executive Officer of SIAEC, said: "We are delighted to partner with Stratasys, a leader in its field, in our pursuit of innovation and the adoption of the latest additive manufacturing technologies. Our collaboration will strengthen SIAEC's comprehensive suite of MRO solutions and enhance our support to customers, especially in the region."
"This strategic partnership marks an important milestone for additive manufacturing in the aviation industry," commented Mr Ilan Levin, CEO of Stratasys. "As we have shown with our existing relationships with leading aerospace manufacturers, including Airbus and Boeing, we are committed to advancing the use of additive manufacturing for high requirement aerospace applications. By working closely with SIAEC, we are extending that focus to solve the unique challenges of the MRO segment and further drive adoption."
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 the transaction.
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About SIA Engineering Company
(Company Registration No. 198201025C)
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 36 airports in 7 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 24 ventures with original equipment manufacturers and strategic partners in Singapore, Australia, Hong Kong, Indonesia, Philippines, United States, Taiwan and Vietnam increase the depth and breadth of the Company's service offerings. SIAEC has approvals from 27 national aviation regulatory authorities to provide MRO services for aircraft registered in the U.S., Europe, China and other countries.
About Stratasys Ltd.
For more than 25 years, Stratasys Ltd. (NASDAQ: SSYS) has been a defining force and dominant player in 3D printing and additive manufacturing – shaping the way things are made. Headquartered in Minneapolis, Minnesota and Rehovot, Israel, the company empowers customers across a broad range of vertical markets by enabling new paradigms for design and manufacturing. The company's solutions provide customers with unmatched design freedom and manufacturing flexibility – reducing time-to-market and lowering development costs, while improving designs and communications. Stratasys subsidiaries include MakerBot and Solidscape, and the Stratasys ecosystem includes 3D printers for prototyping and production; a wide range of 3D printing materials; parts on-demand via Stratasys Direct Manufacturing; strategic consulting and professional services; and the Thingiverse and GrabCAD communities with over 2 million 3D printable files for free designs. With more than 2,700 employees and 1,200 granted or pending additive manufacturing patents, Stratasys has received more than 30 technology and leadership awards. Visit us online at: www.stratasys.com.
Stratasys is a registered trademark of Stratasys Ltd. and/or its subsidiaries or affiliates.
For more information, please contact:
Mr Chia Peck Yong
Senior Manager Risk Management & Public Affairs
SIA Engineering Company Limited
Tel: (65) 6549 2390
E-mail: peckyong_chia@singaporeair.com.sg
Ms. Janice Lai
Marketing Director, South Asia
Stratasys AP Ltd
Tel: (852) 6901 9751
E-mail: media.ap@stratasys.com
