CRP Technology and CRP USA, two leading AM service providers and part manufacturers, have signed an investment agreement with ITT Inc., a diversified leading manufacturer of highly engineered critical components and customized technology solutions headquartered in Stamford, Connecticut (USA) and present in more than 35 countries.
According to the terms of the deal, ITT Inc. becomes part of the shareholder structure of CRP Technology and CRP USA, in line with its business plan for growth aimed at strategically investing and expanding in new technologies.
“This transaction will allow us to implement a very ambitious business plan, focused on growth both in the markets in which we are already present and in new markets with relative geographical expansion”, said Franco Cevolini, CEO of CRP Technology. “We are proud that ITT chose us to enter the additive manufacturing industry: They consider us the right partner up to the expectations and projects they want to implement into the AM world, whose we at CRP Technology are undisputed leaders for almost 30 years”.
The investment complements ITT and serves the space, aerospace, defense, premium automotive and motorsports markets. It also enables ITT access to additive manufacturing excellence as the industry and number of applications continue to grow.
“CRP is a smart investment for ITT. With almost three decades of leadership and innovation in additive manufacturing, CRP enables ITT to expand its position in material science and gain hands-on experience with additive manufacturing as the industries we serve continue to transform,” said Luca Savi, CEO and President of ITT. “We are proud to partner with CRP as they continue to grow and deliver industry-changing innovations. Together, ITT and CRP can bring to market new products that deliver sustainable, lightweight, durable solutions for our customers.”