GE agrees to purchase controlling shares of Arcam
GE has agreed to purchase controlling shares of Arcam AB, Sweden, following the conclusion of the extended public tender offer which ended on November 10. Arcam shares tendered during the extended acceptance period, combined with Arcam shares acquired by GE, correspond to approximately 73.57% of the total outstanding shares for GE.
In addition, GE filed to further extend the acceptance period for the tender offer to November 29 to allow remaining shareholders to accept the offer.
Based in Mölndal, Sweden, Arcam AB is the inventor of electron beam melting machines for metal Additive Manufacturing and a producer of advanced metal powders through its AP&C metal powders operation in Canada. Arcam also operates DiSanto Technology, a medical Additive Manufacturing firm in Connecticut in the U.S.A., as well as sales and application sites worldwide.
GE states that its controlling ownership of Arcam stock will enable it to influence the company and its future direction. GE added that it will invest significantly in Arcam’s products and technology and will ultimately influence the makeup of the Arcam board of directors.
“GE’s strong position as a controlling shareholder of Arcam is a key step in our overall additive strategy,” said David Joyce, GE vice chairman and president and CEO of GE Aviation. “We are delighted with our relationship with Arcam, which follows our recent announcement with Concept Laser. GE is becoming a key player in the additive space.”
