3D Systems completes sale of Cimatron and GibbsCAM – and totally OT thoughts on what happened at the US Capitol
3D Systems announced today that it completed the sale of Cimatron and GibbsCAM to “a subsidiary of ST Acquisition Co., an affiliate of Battery Ventures” on January 1, 2021. 3D Systems said it netted around $64 million in the sale, part of which it used to pay down debt in order to improve its financial position and move along in its reorganization plan.
Jeffrey Graves, CEO of 3D Systems, said, “The divestiture of Cimatron and GibbsCAM, which were businesses focused on subtractive technologies, was an important step in our plans to refocus our company on our core mission – ‘to be the leader in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products.’ These divestitures strengthened our balance sheet, enabling us to both pay off our debt and terminate the ATM Program [a program under which it sold shares of its common stock to raise cash] much earlier than originally planned.”
This update is important to many people –employees, customers, partners, and friends of Cimatron and GibbsCAM, 3D Systems, and Battery Ventures, among others– but it isn’t the piece I intended to write today. I drafted and (digitally) tore up my thoughts on yesterday’s storming of the US Capitol numerous times. You don’t come here for politics, and I get that. But silence isn’t really an option for me.
Let’s just say that Winston Churchill was right: “Democracy is the worst form of government except for all the rest.” Those who enabled and riled up these rioters must be held accountable — whether by law or at the ballot box, next time they come up for election. But right now, we have so much work to do that we can’t let this temper tantrum sideshow distract us. On Wednesday. according to the Boston Globe, more than 3,000 people in the US lost their lives to the coronavirus. That means 3,000 more families got truly devastating news. And that’s just one of the many things that need our attention. Let’s cut the !@#$ and get to work.
Thank you to the police and National Guard who protected our elected officials and government workers.