Why 3D Systems Stock Just Exploded 22% Higher
3D Systems (NYSE: DDD) is printing up some massive profits for investors today. Shares of the 3D printer manufacturer soared 22% through 10:22 a.m. ET Friday after the company announced a four-way partnership among itself, its artificial intelligence (AI) manufacturing software subsidiary Oqton, Daimler Truck/Daimler Buses, and German software protection and licensing solutions provider Wibu-Systems.
Their objective: To facilitate the on-site additive manufacturing of replacement parts for Daimler Buses -- and help forge a market for 3D-produced auto parts that could be worth $7.9 billion annually by 2027.
Basically an agreement for "decentralized spare parts production," this partnership makes 3D Systems "a certified 3D printing partner" of Daimler Buses, manufacturing "spare parts locally for various underhood and cabin interior applications, including pins, covers, and inserts." Local production, says 3D Systems, could cut the time needed to get a part to a Daimler bus user by as much as 75%, creating "substantial indirect cost savings by minimizing vehicle downtime due to maintenance."
Source Fool.com
