Proto Labs Inc., Maple Plain, Minn., acquired privately held company Rapid Manufacturing Group LLC, Nashua, N.H., a custom parts supplier specializing in quick-turn sheet metal fabrication and CNC machining. With the acquisition, Proto Labs will be able to offer customers another quick-turn manufacturing service while expanding its CNC machining capabilities.
This expansion of Proto Labs’ services and capabilities reinforces its promise to customers to continue to seek ways to further optimize product development and improve supply chain efficiencies through a variety of digital manufacturing methods. The company employs approximately 300 people and will expand Proto Labs’ team to more than 2,000 employees worldwide.
Proto Labs acquired Rapid Manufacturing Group for an aggregate purchase price of $120 million, consisting of $110 million in cash and $10 million in Proto Labs stock. Rapid Manufacturing Group’s 2017 revenue is forecast to be approximately $45 million.
Rapid Manufacturing Group will start operating under the name Rapid, a Proto Labs company. Over time, it will transition to operating solely under the Proto Labs brand.
Related Glossary Terms
- computer numerical control ( CNC)
computer numerical control ( CNC)
Microprocessor-based controller dedicated to a machine tool that permits the creation or modification of parts. Programmed numerical control activates the machine’s servos and spindle drives and controls the various machining operations. See DNC, direct numerical control; NC, numerical control.
INDUSTRY NEWS
