Press release
04/08/2020
Sumitomo Corporation of Americas ("SCOA"), the largest subsidiary of Sumitomo Corporation, one of the world's largest traders of goods and services, announced that it entered into an agreement to increase its investment in Sintavia, LLC ("Sintavia"), the Aerospace and Space industry's leading Tier One metal additive manufacturer, based in Hollywood, FL.
The parties jointly announced that the minority investment, which follows an initial investment by SCOA in 2018, will be used to fund Sintavia's rapidly growing business of providing additively manufactured parts to the world's largest Aerospace and Space companies. Terms of the deal were not disclosed.
The investment will help Sintavia scale its production capacity for flight-critical components that are produced via additive manufacturing while continuing to advance its industry-leading technical capabilities. In addition to the financial investment, SCOA and Sintavia will continue to identify opportunities to apply Sintavia's best-in-class additive manufacturing and design capabilities toward Sumitomo Corporation Group's global industrial activities.
"We truly value SCOA as a long-term partner for Sintavia and are excited to expand our existing relationship. With this investment, we are further aligning ourselves with a global thought leader in additive manufacturing that is committed to supporting our continued growth," said Brian R. Neff, Sintavia's Chief Executive Officer and Managing Partner of Neff Capital Management LLC, Sintavia's majority owner.
"Since our initial investment in 2018, we've been impressed by Sintavia's leadership and growth in such a short time," said Kevin Hyuga, SVP and General Manager of SCOA's Construction and Transportation Systems Group. "We see continued synergies in the future through this partnership, and look forward to continuing to help Sintavia support the Aerospace and Space industry. Moreover, Sintavia is well-aligned with our company's sustainability goals. Through its technology, Sintavia is capable of reducing waste in the additive manufacturing production process, allowing end-stage products to fly lighter, ultimately reducing greenhouse gases and helping to create a more sustainable society."
The transaction is expected to close in the second half of 2020 following customary regulatory review. RBC Capital Markets acted as exclusive advisor to Sintavia on the transaction.