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SEOUL, South Korea, Dec. 13, 2013 /PRNewswire/ -- Stratasys Asia Pacific, a subsidiary of Stratasys Ltd. (NASDAQ: SSYS), a manufacturer of 3D printers and materials for personal use, prototyping, and production, today announced the signing of an asset purchase agreement with its local channel partner -- Sysopt Engineering -- for the purchase of certain assets including customer service contracts and inventory, to expand its footprint in South Korea. Following the completion of the transaction and finalization of the establishment of Stratasys Korea, a fully owned subsidiary of Stratasys AP, these assets will be assigned to Stratasys Korea.
Stratasys Korea will offer the complete suite of the Stratasys product offering, together with its other local channel partners, and, following completion of the transaction, service the existing installed base of its former partner. This arrangement demonstrates Stratasys' commitment to the local Korean market and aligns its overall business growth strategy in the region.
"We view Korea as a strategic market with many leading and innovative enterprises. We've been witnessing rapid growth in 3D printing applications in many verticals. Our localized and expanded team plans to lay a strong foundation to support the demand and customers, enhancing responsiveness and operational efficiency," said Jonathan Jaglom, General Manager of Stratasys, APJ. "As an industry leader, we continue to strive for technology and service excellence through the offering of cutting-edge 3D printing solutions and high level of customer service satisfaction."
Stratasys Korea and its local channel partners will continue to focus on key verticals including automotive, education, dental, consumer electronics, consumer goods, medical & medical equipment and industrial machinery.
