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3-D printing specialist ExOne hopes to raise $75M in stock offering

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By Thomas Olson
Wednesday, Jan. 9, 2013, 12:28 p.m.
 

ExOne Co., a North Huntingdon-based company engaged in a cutting-edge manufacturing technique called “3-D printing,” filed documents to go public and raise an estimated $75 million in a stock offering.

The company makes the machines and related products for what's technically known as “additive manufacturing.” It also has operations in Michigan, Texas, Germany and Japan, according to a securities filing.

Additive manufacturing is a technology that deposits thin layers of a material atop one another using a digital blueprint, producing an exacting component or product. The process uses significantly less energy than what's expended in conventional manufacturing.

ExOne began in 2003 as part of Extrude Hone Corp., now part of Kennametal Inc., and was acquired by industrialist S. Kent Rockwell, who is chairman and CEO.

The filing said ExOne would use the proceeds of the stock offering to upgrade its machines and expand the number of raw materials it uses to make products, as well as add locations and repay debt.

ExOne currently employs 126 full-time at five locations in the United States and abroad.

The company serves customers in the aerospace, automotive, heavy equipment and power fluid-handling industries, including Fortune 500 names such as Boeing and Caterpillar, which are located in North and South America, Europe and Asia, according to the filing.

The company had revenue of $15.3 million in 2011 and recorded a loss of $8.1 million. It lost about $5.6 million on revenue of $13.4 million in 2010. Both years included heavy operating expenses, including spending for research and development.

ExOne has invested $8 million in the last six years, including more than $1.5 million in 2011 and nearly $1.2 million in 2010.

The initial public offering is being underwritten by FBR Capital Markets & Co.

Thomas Olson is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or tolson@tribweb.com.

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