MINNEAPOLIS (AP) — Stratasys, a leading maker of 3-D printers, is buying another 3-D printer manufacturer, MakerBot, for $403 million in stock.
Stratasys Ltd. said Wednesday the acquisition will enable it to offer affordable desktop 3-D printers. MakerBot, whose machines are priced around $2,000 to $3,000 and are aimed at the "prosumer" market, sells direct to buyers over its website. In contrast, Stratasys makes machines priced $10,000 to $600,000 mostly to industrial clients through resellers.
MakerBot's owners will receive 4.76 million newly issued Stratasys shares and are eligible for another 2.38 million through the end of 2014 if certain performance targets are met. That could raise the purchase price by about $201 million based on Wednesday's closing stock price.
The merger is expected to be completed in the third quarter of this year.
Stratasys is based in Eden Prairie, Minn., and Rehovot, Israel. Its shares rose $2.40, or 2.8 percent, to $87 in after-hours trading. New York-based MakerBot is privately held.
MakerBot will keep its name, products and strategy as a unit of Stratasys. Stratasys said the purchase will add to its growth, but will reduce net income slightly in 2013 and add to it in 2014.
MakerBot also runs the website Thingiverse.com, which offers a large collection of downloadable digital designs for physical objects.