Proto Labs completed the acquisition of Rapid

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Proto Labs has completed the acquisition of privately held company Rapid Manufacturing Group. Rapid is a New Hampshire-based custom parts supplier specializing in quick-turn sheet metal fabrication and CNC machining. With the acquisition, Proto Labs will be able to offer its customers another quick-turn manufacturing service while expanding its CNC machining capabilities. “This expansion of Proto Labs’ services and capabilities – explains the company – 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”. Proto Labs acquired Rapid for an aggregate purchase price of 120 million dollar consisting of 110 million in cash and 10 million in Proto Labs stock. Rapid’s 2017 annual revenue is forecasted to be approximately 45 million dollar. Besides, the company will start operating under the name “Rapid, a Proto Labs Company”.