ITT investment in CRP Technology, CRP USA is finalized
New shareholder leads to CRP Technology’s business plan focused on its growth in present and new markets across the additive manufacturing space.
Engineering model on display at third PocketQube workshop in Glasgow, Scotland. Photo Credit: Mini-Cubes
3D printing companies CRP Technology (Modena, Italy) and CRP USA (Mooresville, N.C., U.S.) have signed an investment agreement with ITT Inc. (Stamford, Conn., U.S.), a diversified manufacturer of highly engineered critical components and customized technology solutions present in more than 35 countries. CRP Technology is known for its proprietary high-performance composite materials, Windform, used in additive manufacturing (AM) processes (see “CRP Technology celebrates 25 years of 3D printing advancements”).
According to the agreement, ITT Inc. has become a part of the shareholder structure of CRP Technology and CRP USA, a development that is in line with the company’s business plan to grow through strategic investment and expansion in new technologies.
“This transaction will allow us to implement a very ambitious business plan, focused on growth both in the markets in which we are already present, and in new markets with relative geographical expansion,” Franco Cevolini, CEO of CRP Technology, says. “We are proud that ITT chose us to enter the additive manufacturing industry. They consider us the right partner up to the expectations and projects they want to implement into the AM world, whose we at CRP Technology are undisputed leaders for almost 30 years.”
The investment reportedly complements ITT and serves the space, aerospace, defense and premium automotive and motorsports market. It also gives ITT access to the AM industry, as it continues to grow.
“CRP is a smart investment for ITT,” according to Luca Savi, CEO and president of ITT. “Together, ITT and CRP can bring to market new products that deliver sustainable, lightweight, durable solutions for our customers.”
