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TOKYO, Oct. 18, 2013 /PRNewswire/ --
Stratasys Asia Pacific, a subsidiary of Stratasys Ltd. (NASDAQ: SSYS), a leading manufacturer of 3D printers and production systems for prototyping and manufacturing today announced that it has provided notice of its intent to exercise the option to acquire remaining holdings of Fasotec in Stratasys Japan pursuant to a joint venture agreement between Fasotec and Stratasys. Following the exercise of the option, Stratasys Japan will become a wholly owned subsidiary of Stratasys Ltd.
Following the option exercise, Stratasys Japan will continue to market and sell the Stratasys product offering under Stratasys' direction. In accordance to its guidance, Stratasys Japan will have full ownership of the installed base and its related service contracts. This move reinforces Stratasys' commitment to overall business coverage in Japan, and expands its local industry footprint.
The decision by Stratasys to exercise the option stems from its belief that this will allow Stratasys to better prepare for future growth in the rapidly expanding Japanese market.
"We witness strong growth in the 3D printing market in Japan. Stratasys is positioned to invest more on infrastructure in order to build awareness and a strong foundation to support our customers, partners and the industry," said Jonathan Jaglom, General Manager of Stratasys AP. "We wish to sincerely thank our partner, Fasotec, for their years of commitment in the partnership, which helped create new opportunities in the market for us."
"The 3D printing industry is growing rapidly in Japan. By exercising the option under the JV agreement and acquiring full ownership of Fasotec, we will complete a smooth transition to a wholly owned subsidiary committed to continuing to provide best-in-class 3D printing solutions, services and technologies that are suitable for the Japan market," said Eric Goguy, CEO & President of Stratasys Japan.
