voxeljet AG (NYSE: VJET) said it has signed a definitive agreement to form an equity joint venture with Suzhou Meimai Fast Manufacturing Technology Co., Ltd. to pursue opportunities in the industrial 3D printing market in China.
Among the indirect shareholders of Meimai are MK Technology GmbH and Metang Novatech Shanghai Co., Ltd. Metang is a long standing distribution partner of voxeljet in China. Meimai operates a VX 800 3D printer which was purchased by MK Technology and delivered to Metang in 2011. The voxeljet printer will not form part of the contemplated joint venture.
The joint venture shall be called voxeljet China Ltd., subject to the approval by the local authorities. voxeljet China Ltd. will be controlled by voxeljet, who is holding a supermajority interest in the joint venture. Other terms of the transaction were not disclosed.
voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The company´s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents.