Stratasys, Ltd. (NASDAQ:SSYS) has been busy making progress recently, while its subsidiary cuts on operating expenses. The company announced that it would be appointing a new Chief Business Officer, Joshua Claman. Additionally, Stratasys has also opened the first 3D printing center in India’s Benglaru. Both moves tend to be highly profitable for the company. However, Stratasys’s subsidiary MakerBot has, during the same period, cut jobs.
The new facility in India has been strategically placed, in the IT hub of the country. The fact that this is the only 3D printing facility in the country makes it all the more beneficial. The facility is planned to be equipped with the latest 3D printing technologies from Stratasys. The project is aimed at accelerating the design and manufacturing procedures of the different IT industries in the region. The materials used for this purpose, will also be provided by the company.
In the same month, the appointment of Mr. Claman, as the new CBO, puts him in-charge of global sales, services and channel organizations. Additionally, he would also be overlooking operations at the different subsidiaries, like MakerBot. David Reis, the CEO of Stratasys, expressed his excitement at the new appointment. He pointed out that Mr. Claman had a history of dealing with complex businesses. Reis also expressed his trust in Claman as the right man to support strategic initiatives, collaborations and customer intimacy. Mr. Claman also expressed his confidence in bringing the company to a leading position in additive manufacturing.
Just days before the new appointment, MakerBot announced that it would be laying-off almost 20% of its employees. The move had been outlined by the management as an attempt to reorganize the business and concentrate on what matters the most to customers. The management also outlined, that in addition to downsizing the staff, it has also closed three MakerBot retail locations as well.
Stratasys, Ltd. (NASDAQ:SSYS) closed at $39.93, after losing 22.16% on April 29. The company has 50.92 million shares being traded in the market, with a 52-week range of $39.75-$130.83.
