3D Systems & Dussur Create Joint Venture to Expand Additive Manufacturing in Saudi Arabia
3D Systems (DDD) has formed a joint venture with Saudi Arabian Industrial Investments Company (Dussur) to promote additive manufacturing in Saudi Arabia, aligning with the Kingdom's 'Vision 2030' for economic diversification. Announced on March 29, 2022, the partnership aims to develop local production capabilities in various sectors, initially focusing on energy. A new Center for Innovation and Additive Manufacturing is expected to open in late 2022, creating opportunities for local manufacturing and green energy solutions, bolstering the region's logistical hub position.
- Joint venture with Dussur to expand additive manufacturing capabilities in Saudi Arabia.
- Supports Saudi Arabia's Vision 2030 for economic diversification and sustainability.
- New Center for Innovation and Additive Manufacturing expected to create local jobs and manufacturing opportunities.
- None.
- Mission is to support large-scale adoption of additive manufacturing across major market verticals including energy, industrial, aerospace, and healthcare segments
- Supports Saudi Arabia’s ‘Vision 2030’ goal of economic diversification which is central to long-term sustainability
- 3D Systems brings industry-leading application expertise and the broadest range of printing solutions to maximize local adoption of additive manufacturing
ROCK HILL, S.C. and RIYADH, Kingdom of Saudi Arabia, March 29, 2022 (GLOBE NEWSWIRE) -- Today, 3D Systems (NYSE:DDD), the leading additive manufacturing solutions provider, and the Saudi Arabian Industrial Investments Company (Dussur) have signed an agreement intended to expand the use of additive manufacturing (AM) within the Kingdom of Saudi Arabia and surrounding geographies, including the Middle East and North Africa. The announcement was made during a ceremony in Riyadh on March 29, 2022. The purpose of the new Joint Venture is to enable the development of Saudi Arabia's domestic additive manufacturing production capabilities, consistent with the Kingdom’s ‘Vision 2030,’ which is focused on diversification of the economy and long-term sustainability. The Center for Innovation and Additive Manufacturing will initially focus on energy, with planned expansions into other industrial sectors as well as healthcare solutions.
Commenting on the new Joint Venture, Dr. Jeffery Graves, president and CEO, 3D Systems said, “Our partnership with Dussur will accelerate the adoption of additive manufacturing in the region, enabling diversification of the Saudi Arabian economy. While the energy segment will be one area of focus, a broad range of applications across industrial, aerospace, and healthcare segments will be addressed. We are excited about the partnership and believe it will provide a strong foundation within the Kingdom to expand local engineering and manufacturing and encourage green energy sources.”
The joint venture follows a selection process in which 3D Systems was chosen due to its breadth of additive technology as well as depth of application expertise. Modeled upon 3D Systems’ application development and advanced manufacturing sites located in Littleton, Colorado, and Leuven, Belgium, the new facility is expected to open in late 2022 and is meant to include a breadth of plastic and metal 3D printing technologies as well as 3D Systems application engineers who bring deep industry-specific expertise. The customer innovation and advanced application facility will benefit from the Kingdom’s strategic geographic location at the crossroads of important international trade routes between three continents and represents another step to cement the Kingdom’s position as a unique regional logistical hub for global seaborne trade.
“Establishing in Saudi Arabia the first Center for Innovation and Additive Manufacturing with a world-class player such as 3D Systems will unlock further localization initiatives across the supply chain,” said Dr. Raed Al-Rayes, CEO, Dussur. “This partnership is linked to Dussur’s mission to support the Kingdom’s industrialization journey and localize disruptive technologies that will revolutionize the way we think of manufacturing. We are looking forward to commencing our work with 3D Systems to contribute to the security of supply in the region and build local capabilities for the jobs of the future.”
Forward-Looking Statements
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements, including the ability of Dussur and 3D Systems to develop the joint venture as expected. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.
About 3D Systems
More than 30 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials, and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive, and durable goods. More information on the company is available at www.3dsystems.com.
About Dussur
The Saudi Arabian Industrial Investments Company ("Dussur") – owned by Saudi Arabian Public Investment Fund, Saudi Aramco, and SABIC – is a strategic industrial investment firm that partners with world-class experts to form state-of-the-art joint ventures includes M&A in the industrial sectors. Dussur executes regional and international industrial investments, creating value for its partners and shareholders. Learn more at www.dussur.com.
Investor Contact: investor.relations@3dsystems.com
Contact: khalid.alfuraih@Dussur.com
Media Contact: press@3dsystems.com
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