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XONE rises as GE buys AM companies ?3
XONE is up this morning on news
that GE is buying two additive manufacturing companies: Arcam and
SLM Solutions. Though both companies work in metals, as ExOne
does, my viewpoint is that the rise is completely unwarranted.
Arcam does electron beam melting (EBM), and SLM's namesake
technology is selective laser melting. By contrast, ExOne's
binder jetting is a chemical process. ExOne management maintains
that it has a cost advantage over competing technologies, but
that's something we can already see changing with industry
attention like this as well as competition from startups. GE has demoed
ExOne machines at a facility near Pittsburgh, but I've not seen
any sign of further interest. If anything were impending, I doubt
the recent management changes would have occurred.