Sumitomo Corporation of Americas (SCOA), the US division of Japan’s Sumitomo Corporation, headquartered in New York City, New York, USA, reports that it has entered into an agreement to increase its investment in metal Additive Manufacturer Sintavia LLC, Hollywood, Florida, USA.
The companies explain that the minority investment, which follows an initial investment by SCOA in 2018, will be used to fund Sintavia’s growing business as a provider of additively manufactured parts to aerospace and space companies. The terms of the deal were not disclosed.
The investment will also reportedly help Sintavia scale its production capacity for flight-critical components produced via AM, while continuing to advance its technical capabilities. In addition to this financial investment, SCOA and Sintavia will continue to identify opportunities to apply Sintavia’s Additive Manufacturing and design capabilities toward Sumitomo Corporation Group’s global industrial activities.
The transaction is expected to close in the second half of 2020, following customary regulatory review.
“We truly value SCOA as a long-term partner for Sintavia and are excited to expand our existing relationship,” stated Brian R Neff, Sintavia’s CEO and managing partner of Neff Capital Management LLC, Sintavia’s majority owner. “With this investment, we are further aligning ourselves with a global thought leader in Additive Manufacturing that is committed to supporting our continued growth.”
Kevin Hyuga, SVP and general manager of SCOA’s Construction and Transportation Systems Group, commented, “Since our initial investment in 2018, we’ve been impressed by Sintavia’s leadership and growth in such a short time.”
He added, “We see continued synergies in the future through this partnership, and look forward to continuing to help Sintavia support the Aerospace and Space industry. Moreover, Sintavia is well-aligned with our company’s sustainability goals. Through its technology, Sintavia is capable of reducing waste in the Additive Manufacturing production process, allowing end-stage products to fly lighter, ultimately reducing greenhouse gases and helping to create a more sustainable society.”