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Just this week I rolled my self directed 401(K),which held ARCAM shares trading in Stockholm, over to a self directed IRA. Those shares automatically converted to AMAVF on the OTC. Not real happy about that. Anyway, I emailed Arcam Legal the following and received the below reply. I also asked the same question of Axel Weibull and haven't received anything back yet:
Good morning,
My only question regarding the GE buy-out is how Arcam ADR (AMAVF) which trades OTC will be handled for holders of that security here in the United States. We have noticed that AMAVF has been trading OTC in a strange way even after Arcam was delisted from the Nasdaq Stockholm. Any information regarding the compulsory buy-out proceedings to buy-out all minority shares in Arcam US ADR would be helpful.
Thank you and look forward to your reply.
Från: Arcam Legal <legal@arcam.com>
Skickat: den 7 maj 2018 16:39
Till: Daniel Sveen <Daniel.Sveen@gda.se>
Ämne: VB: buy-out procedure
It is correct that the shares in Arcam was delisted from Nasdaq Stockholm on 26 January 2018 and that GE has initiated a compulsory buy-out procedure regarding the minority shareholders’ Arcam shares in accordance with the Swedish Companies Act. In this buy-out procedure, GE will acquire the remaining shares for a price that will be determined by an arbitral tribunal. A timetable for the proceedings has not yet been established and it is too early to say when the price will be determined or when GE will acquire and pay for the shares. The Swedish Companies Registration Office has appointed a trustee, Axel Weibull (axel.weibull@lindahl.se), who will represent absent shareholders in the proceedings. I suggest that you contact him if you have any questions.
Best regards,
Daniel
Chinese Researchers Validate Effectiveness of Teenager’s 3D Printed Custom Knee Joint Replacement Prosthesis
Chinese Researchers Validate Effectiveness of Teenager’s 3D Printed Custom Knee Joint Replacement Prosthesis - May 04, 2018
Recently, a team of medical experts from West China Hospital at Sichuan University published a study, titled “Uncemented three-dimensional-printed prosthetic reconstruction for massive bone defects of the proximal tibia,” in the World Journal of Surgical Oncology about their use of 3D printing to develop a custom knee joint replacement prosthesis for a teenager with metaphyseal osteosarcoma of the tibia.
According to the paper, “Currently, it is challenging to treat massive bone defects of proximal tibia. Although numerous methods are available for reconstruction with epiphysis preservation, limitations in knee function and complications are noted with these methods. Our paper describes our attempt to reconstruct a marked defect in the proximal tibia with an uncemented three-dimensional (3D)-printed prosthesis and to evaluate the prosthesis design and short-term outcomes.
“A 15-year-old boy with metaphyseal osteosarcoma of the tibia underwent intercalary allograft reconstruction following wide tumour resection with epiphysis preservation. However, chronic allograft rejection and/or infection occurred after the surgery and a sinus tract was formed.”
Things turned around for the patient once the initial graft was removed and an antibiotic-loaded cement spacer was implanted, but his limb function still wasn’t up to par.
Due to the odd shape of the defect, and how short the residual proximal tibia was, the team turned to 3D printing to fabricate a custom prosthesis in order to reconstruct the defect and preserve the knee joint. The team learned that a porous structure, with 600µm pore size and 65% porosity, would be able to simulate the real properties of trabecular structures in humans.
Titanium alloys, which offer good mechanical strength, were used at the core of the uncemented prosthesis, in order to improve the matching between the bone defect region and the implant device. To achieve improved bone-impact integration, the stem of the distal part of the 3D printed prosthesis was coated with sophisticated porous bioceramics.
The proximal part was 3D printed on an Arcam Q10 using Electron Beam Melting (EBM) technology, which has seen rising adoption in China and worldwide for prosthetics.
Post-op, the teenager seems to be tolerating the 3D printed prosthetic implant just fine, showing “satisfactory limb function” at his 26-month follow-up appointment and being able to walk, run, and jump with no pain. The prosthesis is fitting well with the real tibia, and there have been so signs of complication – the knee joint is exhibiting motion of 0-130° and an Enneking function score of 93%, which are “comparable” results when compared to normal knee joint motion.
Final product of 3D printed prosthesis.
U.S. Department of Energy invests $7Million to develop additive manufacturing and energy efficiency
U.S. Department of Energy invests $7Million to develop additive manufacturing and energy efficiency
The first piece of news is The Department of Energy (DoE) of United States of America has awarded a total of $7 million to projects intended to develop
“advanced, highly efficient, turbine-based technologies for coal-derived synthesis gas, coal-derived hydrogen, and natural gas.”
These projects include several featuring additive manufacturing.
Resultado de imagem para sandia national labsThe second piece of news, 3D printing is used by Sandia National Labs, but in this case to advance the production of energy from sustainable sources.
$7M in funding will be shared by 14 research projects intended to make more efficient use of fossil fuel resources. 3D Printing features in a project looking at advanced combustion turbines. In one award, GE will receive DoE funding of $499,690 to investigate
“High-Temperature Additive Architectures for 65 Percent Efficiency.”
The project aims to develop advanced turbines with greater efficiency, enabled by additive manufacturing technology.
A silent revolution: Avio Aero and Arcam’s relationship is built on additive manufacturing
A silent revolution: Avio Aero and Arcam’s relationship is built on additive manufacturing - May 03, 2018
Arcam, a GE Additive company, is the Swedish company that has been manufacturing EBM (electron beam melting) machines since 1997. The EBM machines use a computer-aided design (CAD) drawing to guide a beam of electrons that melt metal powder together to create parts through a highly reliable process with countless advantages. The latter are well-known: weight reduction, ability to handle very complex designs, excellent mechanical properties of the product, reduction of costs and waste due to lower consumption and handling of the raw material… the metal powder.
There are currently 21 Arcam machines at the Avio Aero plant in Cameri. That number is expected to grow, in part, to support the production of the blades for the GE9X’s low pressure turbine.
More machines are also need to “boost production and capabilities in terms of additive manufacturing for Avio Aero, with larger, more powerful and even faster machines”, said Mathias Kremer, Arcam’s key account manager dedicated to Avio Aero, a significant user of Arcam’s technology.
To produce a batch of 6 blades for the GE9X’s low pressure turbine with an Arcam EBM machine, it takes about 3 days. The designs are sent to the machine and processed as a path for the electron beams. The beams then meld the pile of metal powder (in the case of the blades, it uses TiAl, Titanium Aluminide, an extremely valuable alloy) to build from the bottom layer to the top layer a component for a jet engine that will power Boeing’s 777X aircraft.
The powder at the center of this process is an extremely important element: it is at the root of additive manufacturing’s revolutionary technology. The powders that Arcam (AP&C) produces using Advanced Plasma AtomizationTM technology and thorough research on powder materials and processing are microscopically spherical and highly malleable for the production process of EBM’s machines. In addition, the Swedish company will become even more specialized in 3D raw materials for metal printing, thanks to the recent opening of AP&C’s new state-of-the-art facility in St. Eustache, Quebec.
The collaboration efforts between Avio Aero and Arcam are focused on improving the performance and capabilities of the machines and on the optimization of process, design and powders for additive manufacturing. The amazing aspect of this collaboration is that two relatively new businesses within GE have leveraged the power of their expertise and capabilities to follow the GE Store philosophy.
Extending Your Reach: Adapting Your Business for Additive Manufacturing | Industry in 3D
GE Additive
Published on May 4, 2018
You are ready to expand additive manufacturing into your business, but what are the next steps for adopting this disruptive technology? What are some of the challenges and how do you overcome them?
Greg Morris, Growth Strategy Leader, GE Additive, leads a discussion that explores various topics related to introducing additive manufacturing into your business, with experts covering topics such as facilities, equipment, infrastructure, material, product development, regulations and supply chain. Joining Greg is Richard Baker, CTO, Proto Labs, Florian Mauerer, BU Head Additive Manufacturing, Oerlikon, and Paul Riehle, Vice President, Roush Industries.
Why Additive Matters to GE | Industry in 3D
GE Additive
Published on May 4, 2018
GE’s Chairman and CEO, John Flannery, and former Editor-in-Chief of Fast Company, Robert Safian, discuss the future of additive manufacturing and its potential to transform the world of industrial manufacturing at Industry in 3D.
GE’s Additive Technology Center in Ohio uses 90 metal 3D printers to make aircraft parts
GE’s Additive Technology Center in Ohio uses 90 metal 3D printers to make aircraft parts
GE’s Additive Technology Center – or ATC – is located along Interstate 75, near Cincinnati, in Ohio. From the outside, the building looks like many of the low, gray boxes in this industrial area. But step inside it houses the world’s largest and most advanced 3D printing facility and development center.
“It’s not hard to walk into this building every morning and go to work,” says Eric Gatlin, a general manager for GE Aviation focusing on additive manufacturing. “A lot of the things we do here, we are doing for the very first time. I think that breeds a certain amount of excitement, a certain amount of energy, and requires a certain culture.”
The ATC holds close to 90 3D printers, including six of the largest metal printers in the world, the XLine 2000, and employs 300 designers, machinists and engineers. The site belongs to GE Aviation, but about half of the employees come from GE Additive, the new GE business unit that makes 3D printers and the materials used for printing.
NASCAR’s Brad Keselowski Says 3D Printing Will Change His Sport, And The World
NASCAR’s Brad Keselowski Says 3D Printing Will Change His Sport, And The World - May 4, 2018
“It’s going to completely disrupt the manufacturing landscape,” he adds. “Manufacturing, by nature, isn’t sexy. But manufacturing in general is a big part of the economy in a lot of ways. It’s a big part of sports. It’s a big part of automotive. It enables our lives. I can’t think of a single manufacturing industry that this won’t touch in some way.”
Wall Street, however, has been too slow to embrace additive manufacturing, Keselowski says, because that will require a large-scale capital investment with long-term dividends. He’s ready to sink some of his own earnings into the field, though, believing it will “win the century.”
“Additive is going to win the long game,” he said, “and it’s going to win big.”
GE has acquired a few companies in the additive space (such as Arcam, GeonX and Concept Laser) and started a few of its own brands in parallel to create a diverse portfolio. The company is reported to have invested more than $3 billion in the business, and former CEO, Jeffrey Immelt, has previously written that the company went “all in” on additive. John Flannery, Immelt’s, successor reiterated that vision on Thursday.
“People are in the very, very beginning stage of understanding the potential,” Flannery said, explaining that the potential of the technology is huge. “Design without limitations. 3D printing isn’t just a new way to make what you already have.”
Navy turns to GE to 3D-print parts for very old boats
Navy turns to GE to 3D-print parts for very old boats - Saturday, May 5, 2018
Flannery cited an A.T. Kearney study that found 3-D printing now produces less than 1 percent of manufactured parts globally. But the study also predicted rapid growth in the technology.
GE Additive, created in late 2016, already has a line of machines using lasers or electron beams to shape parts.
Photo: Will Waldron A titanium impeller made by an Arcam electron beam melting additive manufacturing machine is shown at GE Global Research Center on Friday, May 4, 2018, in Niskayuna, N.Y. General Electric is developing new technologies for 3D printing where a computer file is transformed into a part using a printer that builds up the layers. (Will Waldron/Times Union)
4WEB Medical Announces Record Sales Growth in 2017
4WEB Medical Announces Record Sales Growth in 2017
The introduction:
DALLAS, Jan. 10, 2018 /PRNewswire/ -- 4WEB Medical, the industry leader in 3D printed implant technology, announced today that the company posted 57% year-over-year growth for the 2017 fiscal year. In addition, 4WEB's fourth quarter results eclipsed the largest quarter in the company's history for revenue, units sold, surgeon users, and case volume. This achievement marks an impressive performance trend of seven quarters of consecutive growth.
End-to-End Medical Manufacturing, Starting with Additive
End-to-End Medical Manufacturing, Starting with Additive
The March 2018 issue of Additive Manufacturing magazine highlights a medical manufacturing process that begins with electron beam melting (EBM) additive manufacturing.
In just a few years, Slice Mfg. Studios has become the type of company that didn't exist when it was founded in 2015: a contract manufacturer with the ability to 3D print, finish machine, clean and sterile package medical implants (among other types of complex metal parts).
The cover story for the March issue of Additive Manufacturing magazine looks at how Slice manufactures acetabular hip cups from titanium powder, a tightly controlled process that includes 3D printing with electron beam melting (EBM), robotic finish blasting, automated finish machining, laser marking and inspection.
GE-Additive the growth of AM as industry-standard production tool
GE Additive sets out its role in the growth of AM as an industry-standard production tool - 10 April 2018
GE Additive's Greg Morris delivered a keynote presentation at the 2018 AMUG conference.
Trans-Machine Additive’s Darin_Thomas on the future of EBM technology
Trans-Machine Additive’s Darin Thomas on the future of EBM technology - April 12, 2018
A new chapter in EBM-capabilities is about to begin
LEAP Fuel Nozzles? And who knows what else is already in thepipeline?
https://www.ge.com/additive/additive-manufacturing/machines/ebm-machines/arcam-ebm-spectra-h
Join us for the reveal on Tuesday April 24, or check back here then to learn more about how this new machine is redefining what’s possible with additive manufacturing.
Maybe this is part of the explanation on the EBM fuel nozzles on the LEAP Engines. (https://www.ge.com/additive/additive-manufacturing/information/3d-printing)
RE: I sold all mine today.
Question: Who do you think is buying the remaining ARCM and AMAVF shares?
Answer: According to David Joyce (GE Vice Chairman & GE Aviation CEO), General Electric is.
At seekingalpha.com - General Electric's (GE) Presents at J.P. Morgan Aviation, Transportation and Industrials Conference (Transcript) - Mar. 14, 2018
Does anyone else think that the_minority_trustee_is_in_GE's_pocket?
I spoke to my broker - Vanguard (VG).
They sorta confirmed that the underlying holdings are in ARCM. As this is an ADS it was/is effectively the underlying foreign stock.
Now they way I understood it (as relied to me by the VG client rep from his corporate actions team), I'm the beneficial owner of AMAVF shares and that VG is the legal owner of the totality of all shares held by all VG clients at their US custodian. These have corresponding holdings at a Swedish custodian of the underlying ARCM stock.
When the buyout goes through, the Swedish custodian will be informed and they will in turn tell the US one, who will tell VG who will then apply to VG clients.
What does that mean for the arbitration process? My guess (and it is my own amateur opinion) is that we as ADS holders are invisible and therefore won't have any input or even right to input into the process BUT there should be no reason why we won't get our money eventually. The reason I think people are selling/buying is that the sellers don't want to tie up cash for this indeterminate length of time and the buyers are hedging that they'll get c. $12/share on top of the current AMAVF price when the buy out happens.
I might try and send all of the above to Victor but this feels like I'm asking people (including VG) to stray into "advice" and I doubt he'll confirm this 100% either way same way VG wouldn't confirm the above understanding 100%.
If whomever set up AMAVF bought a certain number of ARCM.ST shares and issued a corresponding number of AMAVF shares, then even with trading in ARCM.ST halted, the AMAVF shares could continue to trade since it is merely a change of owner against a fixed number of ARCM.ST shares. If so, then it would seem that when those ARCM.ST shares were redeemed in the squeeze out, that the money would then get passed through to AMAVF shareholders in return for the shares. There may be no terms to actually force the sale or redemption of the AMAVF shares, but it would also be pointless to try to hang on to them.
I hope you are right, please let us know what you learn. The one difference from the past is that Arcm.st is no longer trading, which makes for a very strange situation. I agree with you that if the amavf shares corresponded before to real shares than that should still be the case. But i am still concerned there is no clearly articulated requirement or perhaps even ability to apply Swedish squeeze out law to an ADS. Then what? Does GE just get to claim the remaining shares? Seems like it would become an obscure question of law and jurisdiction where amavf holders would only get representation if they hired lawyers.
I did panic a little when I read your post and starting thinking "have I bought worthless OTC shares that don't actually link back to the underlying ARCM.ST stock!"
But then I quickly thought back a few months remembered that I did receive cash when I couldn't participate in the tender offer therefore somewhere, someone has a register that I own ARCM shares otherwise I would not have received the cash when I didn't take up the offer.
I will call Vanguard today and ask them to confirm who the custodian on my AMAVF shares is and confirm that they recognise those 1:1 to a ARCM.ST share.
I will also contact Victor and show him that and ask him to confirm that I will be part of the buyout process.
BAD NEWS for holders of AMAVF
Friends, I am sorry to be the bearer of disturbing news for holders of AMAVF. I heard back from the minority share holder rep (or his associate), who stated that shares held on the ADS are not subject to the squeeze out process. This is insane and shocking to me, as is the fact he says they don’t know who the issuer of the ADS program is. Perhaps there is still some way these shares will receive a buy out price, but I fear they instead may be some very strange limbo shares that become worthless as they no longer correspond to real shares. Thoughts?! I sold all mine today.
Dear Mr. Fine,
According to GE/Arcam, the ADS program is unsponsored and was set up without any involvement by Arcam. Since an ADS is not an actual share in Arcam, the ADSs will and can not be subject to the squeeze out process. Unfortunately, we do not have any information on who set up and/or who is the issuer of the ADS-program. If you find out who the issuer may be, please let us know so that we can forward the information to other ADS holders.
Best regards,
Victor
3D-Printing And Data Help This Engineer Design Parts For Planes At Warp Speed
Nice to see Arcam's EBM process highlighted in the associated video.
At ge.com/reports - The Turbocharger: 3D Printing And Data Help This Engineer Design Parts For Planes At Warp Speed - Apr 2, 2018
Game changing technology reinventing the way reinventing is done.
GE started testing the engine, formerly known as the Advanced Turboprop, just three months ago, but it already has the aerospace industry atwitter. That’s because the design and the components Weronko and his team have been working on — revolutionary in their own right — will help reduce the GE Catalyst’s fuel burn by as much as 20 percent and give it 10 percent more power compared with engines in its class. “This engine is a game changer,” says Brad Mottier, vice president of GE Aviation’s Business and General Aviation unit, which oversees turboprop development.
The GE Catalyst, for example, will be the first commercial turboprop engine with digital engine controls that will allow pilots to fly planes powered by it like a jet. Another first: More than a third of the engine is 3D printed, which enables GE to combine 855 separate parts into just 12 and shave off more than 100 pounds in weight.
It’s been more than 30 years since the last new commercial turboprop engine design entered service, and developing such an engine from scratch can take as long as a decade. But Weronko and his colleagues were able to power through the design process in just two years by relying on 3D printing and data.
Got a reply after emailing second time with viktor email on it. Not a very reassuring reply regarding amavf.
Dear Mr. Fine,
The financial instrument traded under the ticker AMAVF is a so-called ADS (American Depositary Share), representing the right to receive one ordinary share in Arcam. The ticker ARCM.ST is the actual Arcam share that was listed on Nasdaq Stockholm.
As we are in the beginning of the squeeze out process, we are currently investigating the status of the AMAVF and will revert to you when we know more.
Please find enclosed a letter with general information on the squeeze out process.
Best regards,
Viktor
---------- Forwarded message ---------
From: Aaron Fine >
Date: Thu, Mar 22, 2018 at 12:06 AM
Subject: Arcam Questions
To: axel.weibull@lindahl.se <axel.weibull@lindahl.se>
Dear Mr. Weibull,
I learned of your role as designate trustee for minority shareholders from other shareholders. I have held Arcam shares for many years and had a couple additional questions I am hoping you can answer.
1) Will the price per share that comes out of the arbitration be equivalent for stock held as AMAVF and ARCM.ST?
2) The stock continues to trade as AMAVF in extremely limited volume even though the ARCM.ST was delisted. Will the squeeze out share price for shares held prior to the announcement and delisting be equivalent for shares bought as AMAVF after the announcement and delisting?
3) The share price of AMAVF has gone down significantly based on extremely little volume, presumably because some shareholders are pressed to free up funds. Do you have any concern GE could use this price drop as basis for a lower squeeze out price?
4) Lastly, just out of curiosity, do you know why the stock continues to trade as AMAVF so long after delisting as ARCM.ST?
Thanks so much,
Aaron Fine
How_does_GE_tackle_the_problem of surface finishing and metal deformation?
No word from the minority shareholder's trustee is unacceptable.
I emailed Axel Weibull at 6 AM (Eastern time - USA) on March 7th. I recieved an answer from Victor Wodlén at 4 AM on March 9th. The only resopnse I got was from Victor Wodlén. I never did hear from Axel Weibull. I find it very troubling that you haven't heard anything on your latest contact. That is unacceptable.
I recommend sending the same email to both victor.wodlen@lindahl.se and axel.weibull@lindahl.se. Please post again if you haven't heard anything after 2 days.
I emailed axel with additional questions and haven’t heard back, has been about a week, how long did it take for you to get a reply?
Powder Removal from 3D Structures
Some of the links in the iHub post, Powder Removal from 3D Structures, don't work anymore.
If interested, try these:
The full patent pdf - United States Patent 8,828,311 Reticulated mesh arrays and dissimilar array monoliths by additive layered manufacturing using electron and laser beam melting -- Medina , et al. September 9, 2014
A searchable text version of the patent - US 8,828,311 - Reticulated mesh arrays and dissimilar array monoliths by additive layered manufacturing using electron and laser beam melting
SUMMARY OF THE INVENTION
The present invention includes compositions and methods for the fabrication of reticulated solid-mesh structures and monolithic solid/mesh biomedical implant and functionally graded monoliths by electron beam melting (EBM). These layer-built components fabricated by CAD-driven EBM from precursors comprising Ti-6Al-4V or Co-26Cr-6Mo-0.2C powder. The structure(s) can be characterized by optical and/or scanning electron microscopy. A novel and innovative step of removing powder that is not melted from the fabricated devices comprising a dry state sonication is also disclosed herein.
In one embodiment, the present invention includes compositions and methods of making a three dimensional structure comprising: designing a three-dimensional structure; melting the three-dimensional structure from two or more layers of a metal powder with a high energy electron beam, wherein the position where the metal is melted into the structure is formed along a layer of metal powder, wherein the location and intensity of the beam that strikes the metal layer is based on the three-dimensional structure is controlled and directed by a processor and removing metal powder from the three-dimensional structure that is not melted. The method as disclosed herein further comprises the step of removing the metal powder. The removal of the metal powder that is not melted is achieved by, contacting the metal powder that is not melted with one or more ultrasonic devices and removing the metal powder that is not melted by sonication using the one or more ultrasonic devices, wherein the sonication is a dry sonication.
The one or mole ultrasonic devices used for the purposes of removal of the metal powder that is not melted are selected from the group consisting of resonant probes, ultrasonic welders or related high frequency sound transmission devices. Specifically, in the instant invention the ultrasonic device used is a resonant probe, operated at frequencies ranging from 20 to 80 kHz. Typically, the frequency of operation of the one or more ultrasonic device is dependent on a shape, a density, and geometry of the three-dimensional structure.
_________________________________________________________________
At netl.doe.gov - METAL THREE DIMENSIONAL (3D) PRINTING OF LOW-NITROUS OXIDE (NOX) FUEL INJECTORS WITH INTEGRATED TEMPERATURE SENSORS
How much would... the Leap fuel nozzle be worth?
How big is this?!?
"electron_beam_melting_(EBM)--to print the 19 fuel nozzles on_each_new_LEAP-1A_engine."
How big is this?!? GREAT NEWS FOR ARCAM AND ARCAM SHARE-OWNERS. STRAIGHT FROM GE ADDITIVE. CAN'T GET A BETTER INFORMED, MORE RELIABLE SOURCE THAN THAT!
https://www.ge.com/additive/additive-manufacturing/information/3d-printing
What is Additive Manufacturing?
Although the mainstream media and many in the industry use the two terms interchangeably, additive manufacturing (AM) is the broader and more all-inclusive term. It is commonly associated with industrial applications, like the fabrication of functional prototypes. AM also involves end-use applications like the mass production of components.
The term “direct manufacturing” has also been used to highlight tool-free AM processes because objects are printed directly from CAD data. CNC (computer numerically controlled) machine tools revolutionized many manufacturing processes through digitization. Additive manufacturing promises to do the same.
What Is 3D Printing?
3D printing is a process of building an object one thin layer at a time. It is fundamentally additive rather than subtractive in nature.
To many, 3D printing is the singular production of often-ornate objects on a desktop printer. In the early days of 3D printing, the market focused more on consumer intent than industrial value. The term was understandably adopted by the mainstream media when fused deposition modeling (FDM) first appeared in the 1980s because the FDM process worked very much like a 2D inkjet printer. Instead of a print head laying down a single layer of ink, the 3D print head deposited multiple layers of build material typically delivered as a thermoplastic filament. Upon completion of one layer, the print bed would drop incrementally to make room for the deposition of the next layer.
As 3D printing progressed, it evolved from the creation of novelty items to the production of rapid prototypes. Today, AM processes are increasingly used to mass produce end-use products. For example, GE Aviation is using one AM process -- electron beam melting (EBM) -- to print the 19 fuel nozzles on each new LEAP-1A engine. More than 12,000 such engines have already been ordered to power two of the mainstays of the global airline fleet: the Boeing 737 Max and the Airbus 320neo.
The Key Differences
Give the fact that ASTM F42/ISO TC 261 defines seven different additive manufacturing processes, it is appropriate to further establish where the use of the term 3D printing is most appropriate.
One key difference is the industrial vs consumer focus. While consumers typically focus on the singular vs mass production of 3D-printed objects, businesses increasingly use additive manufacturing for the large-scale production of end-use objects.
It is also appropriate to consider the functional vs ornate nature of the printed object when referring to 3D printing in comparison to additive manufacturing. Manufacturers more typically use AM to produce functional prototypes, molds, mold inserts and end-use products, while the intent of consumer 3D printing is more often used to print one-of-a-kind ornate objects like intricate vases and lampshades.
The more sophisticated AM processes become, the more important it is to distinguish them from inkjet-style, consumer-oriented production. Today’s laser sintering machines produce components and functional prototypes from both thermoplastics and metal superalloys. For example, EBM and direct metal laser melting (DMLM) processes turn titanium and cobalt chrome metal powders into sophisticated components for rocket and jet engines.
Increasingly, manufacturers see additive manufacturing as a cost-saving alternative in certain situations where CNC machining, injection molding and investment casting were used in the past. Sometimes, a single AM-produced component replaces many parts, reducing assembly times and simplifying supply chains.
The seven AM processes are distinct and often quite different from one another. For example, when the term 3D printing is used, few lay people make the connection to vat photopolymerization, where an ultraviolet laser solidifies layers of liquid resin in a tank. Instead, most such individuals actually think of fused deposition modeling (FDM), just one of the seven AM processes, when they hear the term 3D printing.
The resolution of a printed object also distinguishes certain consumer-oriented 3D printing processes from industrial ones. A lower resolution 3D print fabricated from a sub-$1,000 desktop printer is very different from a smooth insert for an injection molding tool or a high-resolution EBM-printed titanium engine part printed in layers as thin as 20 or 40 microns.
https://www.ge.com/additive/who-we-are
Ushering in a world with limitless potential
At GE Additive, we are passionate about the transformative power of advanced manufacturing. And as a notable user of additive technologies, we recognize the value and potential it brings to modern design and manufacturing challenges.
We have worked tirelessly to build an elite network of people who are advancing additive manufacturing every day. GE’s relationships with Arcam and Concept Laser has complemented GE’s existing material science and additive capabilities, enabling the development of new service applications across multiple GE businesses and allowing us to earn numerous patents.
GE Additive is committed to leading the industry through world-class machines, materials and services—accelerating innovations across industries and helping the world work smarter, faster and more efficiently.
I don't see how it matters what price it took to get to 50%, 60%, 70% or 80% since these ownership levels do not allow a squeeze out. The important bit is what price it took to get above 90%, and GE was willing to pay 345SEK to get there. I dont see how it can ever be fair under any circumstances to get the remaining shares at any price below that, and in my opinion a premium should be added to compensate investors for being forced out. Atleast the 345SEK deal was voluntary, not forced. Anyways my opinion is just that, an opinion.
Unfortunately, most (90%) shareholders did accept either a buy out at a price of either 300 SEK or 345 SEK.
To be fair to Victor (Axels assistant who was the one who actually replied to me BTW), he was answering my question about whether there's a legal minimum which he says there isn't.
I also think that there is no such thing as a "squeeze out premium" precisely because the regulator and companies don't want minority shareholders holding up buy outs unreasonably (I am not suggesting that's the case here, I'm just stating that's what I think the intent of the squeeze out rules are).
I would be disappointed with an offer below 345 SEK as well but again Victor says they haven't gotten to the point in the arbitration process of deciding on a price. If we were to try and justify the buy out price should be higher then that would require actual evidence that ARCAM was worth more at the time of the buy out due to sales growth + assets that had been missed. I think that's an uphill battle.
Axel Weibull
I am really frustrated by this response from Axel Weibull.
Any price below 345SEK is simply stealing at broad daylight....
The price should be somewhere between 370-405SEK.
The remaining shareholders are being forced out against their will. Most shareholders would likely reject an offer of 345SEK if they had a say in this. This means that GE would never be able to achieve 90% ownership when they did, at any price below 345SEK. Therefore I am baffled by the response from Axel Weibull, mentioning a likely price range between 300SEK-345SEK. How is that fair to the remaining investors?
It is not just about estimating the value of the company or guessing about the future success of the company, because we all disagree on this and only the future will tell who was right. A squeeze out is about investors being forced out against their will. If GE believes that the value of the company is lower than 345SEK, then they dont deserve the privilege to squeeze out the remaining investors! In that case, let us stay invested for the long term for christ sakes!
In my opinion, the squeeze out price should be based on the following ingredients:
1) A base price of 345SEK (below which 90% ownership would not have been possible).
2) A squeeze out premium of 5-15% to compensate investors for being forced out against their will.
3) 2% interest to compensate investors for the time their money is locked up while the squeeze out process is handled. (I personally pay approximately 3% interest on my real estate loan, while my investment funds are locked up in this squeeze out).
This would lead to a price somewhere around 370-405SEK.
What do you make of all this?
Contacted Axel Weibull.
I emailed some questions and received the response shown below each question:
I am writing to you in your capacity as the designated trustee for minority shareholders in the squeeze out process that GE has initiated for all remaining shares.
I am a shareholder of ARCAM AB (STO: ARCM) through shares purchased in the US through over the counter asset (OTC: AMAVF). I held these shares at the announcement of the squeeze out and had a few questions I was hoping you could answer:
1). Are non-Swedish shareholders treated any differently during the process?
1. No.
2). I understand the process can take several months and even possibly 12+ months however I assume that GE must make an offer within a certain timeframe?
2. Yes, the process will take several months and likely about a year before the arbitration tribunal announces a final arbitral award. However, GE has informed us that GE will claim advance title (please refer to Section 5 of the letter). If GE makes such a claim, the minority shareholders will receive advance payment in approx. three months from now.
3). Is GE legally obliged to offer a minimum price? Either the price they paid to exceed 90% holdings (345 SEK) or the closing price on the day before delisting?
3. No. Neither we nor GE have presented any claim regarding the price per share yet. GE will likely claim a price per share between SEK 300 (takeover bid price) and SEK 345 (paid to certain minority shareholders to exceed 90%). We hope of course that we can claim SEK 345 (or more), but it is too early to say at this stage.
Exactech--"Additive manufacturing is both the present and the future."
Recent information about one of Arcam's customers.
Starting on page 29 of the 52 page PDF at exac.com - ADDITIVE MANUFACTURING TECHNOLOGY FOR ORTHOPAEDIC IMPLANTS -- Innovations - A CLINICAL EXCHANGE ON ADVANCES IN ORTHOPAEDICS - VOLUME 3 - Jan 25, 2018
______________________________________________________________________
At massdevice.com - Exactech closes $737m go-private sale to TPG Capital - FEBRUARY 15, 2018
The introduction:
Exactech (NSDQ:EXAC) late yesterday announced the closing of its $737 million go-private sale to TPG Capital, with TPG acquiring all issued and outstanding stock of the company.
TPG paid approximately $49.25 per share for each share of the Gainesville, Fla.-based company, up from an initial $42 per share offer it made to the company in October.
The deal includes provisions that would see founders Dr. Bill Petty, Betty Petty and CEO David Petty exchange their collective 18.8% stake for shares in the private version of Exactech at the same $49.25 rate, the company said.
______________________________________________________________________
At exac.com - Exactech Receives 510(k) Clearance for Equinoxe® Stemless Shoulder - March 12, 2018
The introduction:
Gainesville, Fla. (March 12, 2018) – Exactech, a leading developer and producer of bone and joint restoration products and biologic solutions for extremities, knee and hip announced today it has received clearance from the U.S. Food and Drug Administration to market the Equinoxe® Stemless Shoulder, a bone conserving and canal sparing prosthesis that is compatible with the Equinoxe® Shoulder System. The Stemless Shoulder is the latest addition to the company’s extremities product line.
“Our world-class design team and engineers deserve a lot of praise for this new product, and in particular, for an efficient product development process. Their ingenuity, coupled with their passion for clinical outcomes, allowed them to navigate this product to market very quickly, and is emblematic of our mission to help patients,” said Darin Johnson, Exactech vice president of marketing for extremities.
Designed for anatomic total shoulder arthroplasty, the Stemless Shoulder features a single tray of instruments for operating room efficiency. It uses a three-dimensional porous structure with optimized pore size, count and porosity. In addition, the Stemless Shoulder incorporates a bone cage for bone through-growth to enhance the probability of biologic fixation.
“The Stemless Shoulder’s innovative combination of three-dimensional porous material and bone cage technology help differentiate it from others on the market,” said design team member Buddy Savoie III, MD, of Tulane University. “Exactech’s ability to convert design team concepts and ideas into a reality is quite impressive, and I am certain surgeons will be eager to learn more about this meaningful technology.”
______________________________________________________________________
At massdevice.com - Exactech wins FDA nod for Equinoxe stemless shoulder - MARCH 13, 2018
The last two paragraphs:
“Our world-class design team and engineers deserve a lot of praise for this new product, and in particular, for an efficient product development process. Their ingenuity, coupled with their passion for clinical outcomes, allowed them to navigate this product to market very quickly, and is emblematic of our mission to help patients,” Exactech extremeties marketing VP Darin Johnson said in a press release.
Last month, Exactech announced the closing of its $737 million go-private sale to TPG Capital, with TPG acquiring all issued and outstanding stock of the company.
Arcam - 100,000 Patients Later, The 3D-Printed Hip
At ge.com - 100,000 Patients Later, The 3D-Printed Hip Is A Decade Old And Going Strong - Mar 5, 2018
The introduction:
You can fashion almost anything on a 3D printer these days, from the most intricate airplane parts to near-perfect replicas of the human skull. But back in 2007, few had printed an object that could be implanted into someone else’s body.
That is, until an Italian surgeon named Dr. Guido Grappiolo found a patient who needed a hip replacement. When the patient first came to him a decade ago, she had advanced arthritis and a titanium hip cup that doctors had already implanted with screws.
Grappiolo, of Fondazione Livio Sciutto ONLUS in Savona, Italy, joined forces with orthopedic implant maker LimaCorporate and Arcam, a manufacturer of 3D printers that is now part of GE Additive, for what would be a landmark operation. With their help, he implanted the world’s first 3D-printed hip cup, the Delta-TT Cup. The TT stands for “Trabecular Titanium” a biomaterial “characterized by a regular, three-dimensional, hexagonal cell structure that imitates trabecular bone morphology,” according to LimaCorporate.
A few months after the operation, Grappiolo looked at a CT scan of the patient and saw that her bone tissue had already started to grow into the 3D-printed hexagonal cells of the implant. “From a technical point of view, we immediately got a good feeling of stability,” he said in a recent video interview, when asked to recall how the surgery went.
Grappiolo, who caught up with his female patient from 10 years ago to record the video, asked her to bend her leg back toward her chest. Then, he helped her rotate it. “The first patient is doing extremely well,” he said in the video.
Top and above: “Trabecular Titanium” is a biomaterial “characterized by a regular, three-dimensional, hexagonal cell structure that imitates trabecular bone morphology,” according to LimaCorporate. Images credit: LimaCorporate.
“a $76 billion opportunity” for GE
At ge.com/reports - Printing The Future: What Additive Manufacturing Means For Innovation - Mar 11, 2018
The article talks about different kinds of AM and references several other articles. One of the first is about Kirk Rogers at GE - GE Executive Sees 3D Printing Market Surging - September 26, 2017. From that article:
GE (Boston) sees “a $76 billion opportunity” for additive manufacturing, Kirk Rogers, a 3D printing technology leader for the company, said at SME’s CMTS show outside Toronto.
Industries such as aerospace, oil and gas, medical and automotive are among the prime markets for additive, he said. At the same time, Rogers cautioned additive isn’t the answer to all manufacturing issues.
“Additive is the shining tool in the drawer,” Rogers said at the Tuesday keynote address for CMTS. “But don’t always pick it.” 3D printing, he said, “is not going to take over all of manufacturing.”
GE last year acquired majority stakes in Concept Laser and Arcam AB, part of a push to expand the Boston-based company’s additive manufacturing capabilities. GE plans to sell 10,000 3D printing machines over 10 years and expand additive into a $10 billion business for itself.
Rogers is based at GE’s Center for Additive Technology Advancement in Pittsburgh.
‘Fast Ride’
“We see growth across all areas,” Rogers said. “For GE, it’s been a very, very fast ride.”
It's odd that the third link shown is to a GE webpage, CFM LEAP aircraft engine (https://www.geglobalresearch.com/innovation/3d-printing-creates-new-parts-aircraft-engines), that seems to be lost.
"Page not found
The page you are trying to access doesn't exist."
Great job Charlie, actual information! I may email him with additional questions, will let you know if I learn anything.
Axel Weibull - trustee for the minority shareholders
If anyone gets more information please share with the rest of us. The free exchange of ideas and information helps us all.
The text of my email to Axel Weibull at axel.weibull@lindahl.se
Från: Charlie
Skickat: den 7 mars 2018 12:09
Till: Axel Weibull
Ämne: Arcam AB
Hello Mr. Weibull,
I am one of the remaining minority shareholders in Arcam. Your name is referenced on the Arcam website (http://www.arcamgroup.com/). Please tell me what your role is regarding anything to do with Arcam.
I am one of a relatively small group of minority shareholders and would like to share information with them, with your permission.
Thank you.
Charlie (T colton)
The response:
Contact information:
Victor Wodlén
Associate
Lindahl
Advokatfirman Lindahl KB
P.O. Box 11911, SE-404 39 Göteborg, Sweden
TELEPHONE +46 31 799 10 00
DIRECT DIAL +46 31 799 10 52
MOBILE +46 73 147 27 52
FAX +46 31 799 10 99
VISITORS
EMAIL victor.wodlen@lindahl.se
STOCKHOLM GÖTEBORG MALMÖ UPPSALA ÖREBRO HELSINGBORG www.lindahl.se
Lima Corporate + ArcamEBM = A DECADE OF DISTINCTION
Lima Corporate
Published on Jan 16, 2018
LimaCorporate went to meet the Italian surgeon, Dr. Guido Grappiolo, as he was the first surgeon to use our Trabecular Titanium material. The TT, a revolutionary material, celebrated its 10th year anniversary in 2017.
"replace an entire factory building"
BREAKING BARRIERS IN ADDITIVE MANUFACTURING - PROMOTED BY GE ADDITIVE MARCH 7, 2018
The second half of the article
Additive manufacturing excels at building complex parts out of expensive materials, as the process only uses the exact amount of material needed, and in the process cuts waste and saves on material costs over traditional manufacturing methods. Industries that tend to use higher grade and more expensive materials, like aerospace manufacturers and the medical device industry, can see considerable raw material savings when making the transition to additive.
Potential additive manufacturing customers usually want to hear about successful projects and case studies as part of their decision making plans, but the best way to clearly see if additive manufacturing is right for a company is to engage directly with those additive experts who can advise based on extensive market knowledge.
The vast majority of companies would benefit from partnering with an external additive manufacturing expert to ensure both a cost effective implementation process and a quicker product cycle. “If you decide to go it alone with additive manufacturing, you’re talking about significant investment in a lot of cases. That is just something that not a lot of companies can quite frankly afford,” says Josh Mook, Engineering Manager at GE Additive.
“We focus on supporting the customer through their journey to product and try to understand exactly how they differentiate themselves from competitors. Through an extensive discovery workshop we find ways additive can impact our customers and then begin to generate the business cases to support its introduction,” adds Mr Mook.
When a clear connection is established between additive manufacturing and bottomline business benefits, especially around the impact it can have on improving competitiveness in the market place; customers quickly start to come around to the idea of utilising additive as a key instrument in their manufacturing toolbox.
Collaborating with an additive manufacturing specialist shouldn’t be a one-off project, but rather a long-term business relationship. Additive manufacturers should play a central role in everything from identifying use cases to achieving product certifications and beginning low-rate production, all the way up to implementing additive manufactured components into a product.
“We believe the success rate of implementation is going to be much higher using a process like this where you have an expert with you every step of the way, opposed to just giving you a pat on the back saying good luck and goodbye,” says Mr Mook. Working with a design team that has a proven track record of success with dozens of other projects around additive manufacturing helps ensure that whatever issues are encountered during the implementation process, will have all been seen before and the team will know how to overcome them.
GE is unique in the additive manufacturing environment as it’s the only original equipment manufacturer who is designing for additive and introducing their own products into the field using the technology, allowing the company to showcase the full possibilities of additive. The Advanced Turboprop Engine from GE Aviation saw around 12 to 18 months eliminated from its product design cycle, thanks to the use of additive manufacturing.
The changes additive manufacturing will bring to the supply chain are expected to be significant, as a single printing machine will, in some circumstances, be able to replace an entire factory building and the complex infrastructure support will no longer be required. The aerospace and biomedical industries have led the way in the adoption of additive manufacturing, but the next few years will undoubtedly see an increasing number of sectors such as, power generation, renewable energy, automotive and industrial equipment fully embracing additive manufacturing, with those companies who hesitate set to fall behind.
“We have a saying at GE Additive: additive manufacturing is here. You’re either going to be the leader in additive or a victim of it. The companies that don’t see the value and choose to sit on the sidelines are either going to be overtaken by competitors or potentially even lose to new market entrants, as additive effectively lowers the barrier to entry in a lot of industries,” said Mr Mook.
This is the first time I've ever had one of my investments be involved in a takeover where the primary exchange is foreign and I've bought shares OTC. Usually I deal with ADRs or indirect.
I frankly have no idea what is the status of the shares bought OTC after the stock was delisted in Stockholm. I would hope that the buyout applies to shareholders as of the final buy out date but what happens if the rules say they only have to buy shares from shareholders that were recorded as having them on the delisting date? Effectively what is someone buying/selling now on OTC in AMAVF?!? You're not buying shares in ARCAM - that doesn't exist anymore!
I'd be curious to know the answer but no idea how you'd find that out definitively - maybe speak to your custodian/broker if you've bought since the delisting?
Makes sense. And do you also think they have to offer the same price to shares owned before the listing and shares purchased on otc after delisting? Hard to see how they could not but whole situation is weird that it is still listed at all
I don't think they can use the US OTC price of the stock after delisting on the primary Stockholm exchange to drive the price they offer shareholders the buyout quoted in SEK.
I cannot imagine how they could genuinely offer less than the 345 SEK/share they paid Elliot that triggered the squeeze-out. I for one would look at my legal options in Sweden at that point.
Interesting re currency. My other question is if there is a chance they lowball buyout because of the drop in share price among slimly traded Amavf. That would be crazy but as weeks go by and there are ticket prices that are low makes me a little wary, think that is justified concern? Probably not...Makes me want to buy one share every day at a higher price to move the ticket price high lol.
Currency fluctuation is a risk for the individual investor to carry when they buy shares outside of their home currency. I would not expect any company or regulator to hedge that risk on my behalf.
I think that it's reasonable that there might be some payment that equates to interest on the cash between the date of the buyout announcement and payment date but given the Swedish central bank rate is currently -0.5%, I'd not be holding my breath for any actual cash!
I've not heard from Vanguard about a payment date or price so far. I emailed the Swedish Companies Registration Office (as per ARCAMs website) asking about the process and how I can contact the appointed trustee - I received a confused email saying they didn't hold shareholder data and I should contact the Swedish Tax Authority that does! I replied reiterating my questions were all about the buyout process which they should oversee. No response so far.
I also noticed on the ARCAM investor page that a trustee has been appointed. I guess next step is to email him: In general, Arcam and GE refer any questions from the minority shareholders to the trustee, Axel Weibull at Advokatfirman Lindahl.
How will the recent dramatic depreciation of the Swedish currency affect the buyout price?
Is it fair for investors who have had their funds frozen/locked up for months while the buyout terms are finalized and the currency has depreciated e.g. 5% relative to the Euro, if the buyout price ends at 345SEK?
Any news on the buyout price and payment date?
I had sold all before new year but have added my way back in with cheap shares. Just when I thought I was out, they pulled me back in!
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