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NEW YORK ( TheStreet) -- 3D Systems(DDD - Get Report) shares soared more than 5% as the 3D-printing company announced a deal with a Turkish jewelry company to expand its coverage.
3D Systems announced a deal with
Al-mera, a jewelry solutions company, that will allow the two companies to provide 3D printing solutions in Turkey, in the growing Turkish jewelry marketplace. 3D Systems is offering its ProJet 3510 CPX and CPXPlus 3Dprinters as part of the deal, which will allow for the casting process of jewelry manufacturing to go much easier.
"We are excited to welcome a proven, highly successful partner like Al-mera to 3D Systems," said Michele Marchesan, vice president and general manager of 3D printers for 3D Systems in the press release. "This agreement allows us to cover the rapidly growing jewelry marketplace with a knowledgeable reseller and offer state of the art technology to automate the time honored casting processes of jewelry manufacturing across the region."
Jewelry manufacturing is just one of many opportunities where 3D printing is affecting economies. Other industries, such as toys, prototyping and architecture, are increasing their use of 3D printers.
Piper Jaffray analyst Troy Jensen called the industry a model for the future in a recent research report, discussing the trends of manufacturers. "Many companies are rethinking their product development strategies and turning to newer, quicker processes to achieve the necessary tasks. In turn, this has led to an increasing demand for additive manufacturing (3D printing) solutions, which yield rapid, precise and high quality results, all while speeding up overall time to market," Jensen wrote in the report. Jensen rates shares "overweight" with a $42 price target.
Shares of 3D Systems shares soared following the announcement, gaining 4.56% to $31.97, while competitors
Stratasys(SSYS - Get Report) and
ExOne(XONE - Get Report) rose 4.9% to $75.84 and 4.5% to $32.00, respectively.
Written by Chris Ciaccia in New York