French engineering firmGroupe Gorgé(GOE) has confirmed that it has no intention of selling shares in its 3D printing subsidiary产品(PWG), despite unveiling fresh plans to simplify its corporate structure.
Aiming to establish itself solely as a manufacturer of autonomous robotics and related systems, Groupe Gorgé has spent the last three years divesting parts of its business that don’t align with this goal. However, when it comes to Prodways, the firm has hatched a plan to deconsolidate the company instead, as a means of streamlining its organization, while capitalizing on its subsidiary’s projected growth.
Since news of Groupe Gorgé’s restructuring proposal broke, the firm’s share price has risen 3% to its highest level in over a month, while Prodways’ shares went the other way, falling 7% from a year-high of €3.33 to €3.09.
“Now is not the right time to sell Prodways,” Groupe Gorgé’s CEO Raphaël Gorgé said on a conference call dedicated to the restructuring. “These changes allow us to simplify the organization of Groupe Gorgé, and on the other side, keep hold of all the potential growth in Prodways’ shares for Groupe Gorgé’s shareholders.”
Groupe Gorgé’s AM venture
Prodways成立于2013年，当时是GroupeGorgé专用的3D打印部门，其P1000 SLS和LD系列DLP 3D打印机以及相关的QC，R＆D服务和聚合物材料。Prodways的双重发行使其能够解决从汽车和航空航天到牙科行业的领域，并且它继续增加其投资组合，以扩大其客户吸引力。
In October last year, the companyupgraded its MOVINGLight ProMakerrange, with the introduction of its 3D Super-Resolution tech, which improved the rendering abilities of LD Series units beyond their native resolution of 42µm. More recently, the firm has also开始营销Oqton AI软件with its systems, enabling its adopters to use algorithms to continuously improve their production efficiency.
These advances now appear to be paying dividends, with Prodways striking a sales deal with the施特劳曼Group今年早些时候及其总体revenue rising 54% in Q2 2021。基于这种强大的H1绩效及其子公司即将到来next-gen ‘Futur3D’ products因此，GroupeGorgé选择保持其在Prodways的大部分份额，以利用其估值的预期增长。
Gorgé在GroupeGorgé的电话会议上补充说：“我们认为Prodways的股票仍然具有良好的潜力。”“我们为其H1财务业绩特别自豪，这就是为什么我们选择采用如此复杂的解决方案的原因。”
重组而不是剥离
Since 2018, Groupe Gorgé has embarked upon a refocusing initiative that has seen it sell part of its Engineering & Protection Systems division, including the AI Group,CIMLECand VanDam. The company has done so with the ambition of streamlining its business into two divisions: Engineering & Protection Systems and Drones & Systems, with the latter making 60% of its sales and 90% of its total orders.
In doing so, Groupe Gorgé says that it aims to establish itself as “one of the world leaders in the field of autonomous robotics,” and the strategy could enable it to seize consolidation opportunities in the sector. The firm also believes that its restructuring will provide it with an improved readability and market profile, as it has been “penalized for many years by the diversity of its activities.”
Taking its restructuring a step further, the company has now announced that it intends to deconsolidate Prodways, by distributing most of its shares in its subsidiary to shareholders. At present, Groupe Gorgé holds 56% (or € 95 million worth) of shares in the 3D printer manufacturer, thus the move could see the amount of Prodways shares listed on the public market rise from 34% to 60%.
如果获得批准，GroupeGorgé表示，Rejig将为股东筹集8000万欧元，为5500万欧元筹集资金，以将其耕种回到其无人机和系统部门，同时允许Prodways“筹集资金来抓住增长机会并建立发展伙伴关系”。
The deal would also see the Gorgé family remain Prodways’ leading shareholder, but current CEO Raphaël Gorgé stepping down, with a recruitment process for a new Managing Director already underway. While the move has been approved by Groupe Gorgé’s Board of Directors, it’s still subject to shareholder approval at a Combined General Meeting, which is scheduled to take place on December 14, 2021.
3D printing’s divestiture drives
部分是由于COVID-19造成的破坏,a number of other 3D printing firms have also sought to consolidate their businesses and chase profitability over the last 18 months. One of the industry’s highest-profile restructurings has been3D Systems’, which has seen it sell the likes ofBattery Ventures,Cimatron,SimbionixandQuickParts, to buyOqton以1.8亿美元, as well asAllevi and Additive Works。
同样，去年大流行的高峰Stratasyswas forced to削减其劳动力的10％作为其计划以“精益”商业模式运作的计划的一部分。当时，该公司的首席执行官Yoav Zeif说，此举是“在其正在进行的战略过程中的困难但至关重要的一步，旨在更好地将其定位为可持续和有利可图的增长。”
另一方面，Desktop Metal’s ExOne acquisition反映了一种更具侵略性的市场整合形式，该形式将使该行业的两个最大的粘合剂喷气机公司合并为一个实体。该交易计划于第4季度结束，该交易将使台式金属付款股东股东1.92亿美元现金和3.83亿美元的股票，以完全控制其主要行业竞争对手之一。
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特色图像显示了Prodways 3D打印机的特写镜头。通过Prodways的照片。
