3-D printing specialist ExOne hopes to raise $75M in stock offering
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 email@example.com.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Crazy Mocha owner likes comfort, says shrewd decisions foster growth
- Crude oil tumble signals low gasoline prices this fall
- Atlantic City on hot streak with non-gambling ventures
- Investors shy from Israeli drugmaker Teva amid uncertain Mylan takeover
- No more ‘roar’ as famed trading pits come to an end
- Farm use of drones to take off as feds loosen restrictions
- Pittsburgh’s tech startup activity rates last of 40 metro areas in report
- After years of downsizing, big houses make comeback
- New J.C. Penney CEO comes from middle-income America
- Halliburton to close Indiana County office
- Government contests sale of GE appliance business to competitor Electrolux