General Electric (GE) - Get Report today announced the acquisition of two 3D printing companies in Europe.

GE acquired Arcam and SLM Solutions, both suppliers of additive manufacturing equipment, for $1.4 billion as the company looks to bulk up the use of 3D printing in the manufacturing of jet engines and cars.

Molndal, Sweden-based Arcam invented the electron beam melting machine for metal-based additive manufacturing and also produces advanced metal powders.

Lucbeck, Germany-based SLM Solutions produces laser machines for metal-based additive manufacturing.

GE will buy all the outstanding shares for each company. The company offered 285 Swedish kronor ($33.37) a share for Arcam, which represents a 53.2% premium to Arcam's Monday closing price. GE will maintain the headquarters and management for each company. 

SLM Solutions shareholders will be offered €38 ($42.42) a share, a 36.7% premium on Monday's close.

GE has invested $1.5 billion in manufacturing and additive technology since 2010.

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"We chose these two companies for a reason," GE Aviation President and CEO David Joyce. "They each bring two different, complementary additive technology modalities as individual anchors for a new GE additive equipment business to be plugged and experience as leading practitioners of additive manufacturing."

Management of both companies will report into Joyce, who will also lead the integration effort and the GE Store initiative to drive the use of manufacturing applications across GE.

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