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Desktop Metal buys 3D-printing competitor for $300 million

The Boston Globe logo The Boston Globe 1/15/2021 Andy Rosen
Ric Fulop standing in front of a computer: Desktop Metal CEO Ric Fulop in a lab with 3D printers. (Lane Turner/Globe Staff) © Lane Turner/Globe Staff Desktop Metal CEO Ric Fulop in a lab with 3D printers. (Lane Turner/Globe Staff)

Burlington-based Desktop Metal said Friday that it had acquired EnvisionTEC, a fellow maker of 3D-printing technologies, in a $300 million deal.

EnvisionTEC, based in Dearborn, Mich., was founded in 2002 and sells 30 different printer configurations that medical, professional, and industrial clients use to create objects from digital design files. Desktop Metal, founded in 2015, said the deal would more than double its distribution network.

The move follows Desktop Metal’s entry into the stock market last month. The company received about $580 million as part of that previous deal, in which it merged with a company whose shares were already public. Desktop Metal has said the merger valued its business at $2.5 billion.

On Friday, Desktop Metal chief executive Ric Fulop rang the opening bell on the New York Stock Exchange in celebration of the EnvisionTEC deal, the company said.

“Together, Desktop Metal and EnvisionTEC have an opportunity to shape the future … and transform how parts are made around the world,” Fulop said in a statement.

The deal is expected to close by the end of March, and EnvisionTEC will remain a distinct subsidiary of Desktop Metal.

Desktop Metal shares ended the day at $23.75, up about 1.7 percent.

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