Xerox Holdings Corp. (NASDAQ: XRX) has sold Elem Additive Solutions to ADDiTEC, a provider of metal additive manufacturing solutions and applications. The financial terms of the deal were not disclosed, although the Elem Additive Solutions workforce will be transitioned to the acquiring company.
Elem Additive Solutions offers the liquid metal 3D printer ElemX, which is used in the transportation, aerospace, defense and industrial manufacturing sectors. Elem Additive Solutions”™ customer base includes the U.S. Navy, Siemens, the U.S. Department of Energy”™s Oak Ridge National Laboratory, Rochester Institute of Technology, and Vertex Manufacturing.
“The Elem Additive team has seen tremendous success since the organization was stood up nearly four years ago. In evaluating partners for this sale, it was critical we found a company with a shared mission that would sustain and advance Elem Additive”™s innovation into the future,” said Steve Bandrowczak, CEO of Norwalk-headquartered Xerox. “We are confident that ADDiTEC is the right partner and look forward to witnessing both teams”™ shared success on the road ahead.”
“We”™re very excited for Elem Additive to join our team,” said Brian Matthews, founder and CEO at ADDiTEC. “We saw incredible value in liquid metal print technology and Elem Additive”™s success supplements our growth efforts as we continue to develop new offerings and bring to market our turnkey metal additive manufacturing systems.”
