Xaar has conditionally agreed terms to sell its remaining interest in Xaar 3D to joint partner Stratasys Solutions.
Delays to product development - largely put down to the Covid-19 pandemic - means Xaar 3D potentially requires more investment than originally planned. The agreement with Stratasys is expected to provide Xaar 3D with the best opportunity to complete the commercialisation of the product range in the shortest time, and enable Xaar to focus on its core business with an injection of cash. Xaar will continue to receive royalties on product and service sales.
John Mills, Xaar CEO, said: “We have enjoyed our partnership with Stratasys and look forward to continuing to work with them to supply printheads to Xaar 3D and share in the long-term success of the business. The agreement will also allow us to focus on our core business and other opportunities in the market that will support our long-term growth strategy.”