Xerox Holdings Corporation (NASDAQ: XRX) announced it has sold Elem Additive Solutions to ADDiTEC, a leader in metal additive manufacturing solutions and applications.
The sale to ADDiTEC follows Xerox’s donation of PARC to SRI International and the sale of the Xerox Research Center of Canada to Myant Capital Partners earlier this year, as the company focuses its strategic priorities and investments in innovation on core capabilities and offerings including print, IT and digital services.
Since 2019, Xerox has worked to commercialize the Elem Additive technology and bring it to market. The company’s liquid metal 3D printer, ElemX, was developed to be a safer and simpler solution, addressing supply chain resiliency for transportation, aerospace, defense and industrial 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, chief executive officer at 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 chief executive officer 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.”
In early 2021, Xerox unveiled and officially announced a strategic collaboration with the Naval Postgraduate School, and a year later, in a first-of-its-kind installation, the ElemX was installed on a U.S. Navy ship. Additional Elem Additive customers include Siemens, the U.S. Department of Energy’s Oak Ridge National Laboratory, Rochester Institute of Technology, and Vertex Manufacturing. ADDiTEC will continue to support these customers as the Xerox Elem Additive team transitions to the organization.
Financial terms of the transaction were not disclosed.
www.xerox.com
