Stratasys Ltd. has continued their run of aggressive acquisitions with the announcement of a pair of agreements which would see the company sweep up the privately-held Solid Concepts Inc. and Harvest Technologies.

Solid Concepts, the largest independent additive manufacturing service bureau in North America, is already a major partner of RedEye, Stratasys' digital manufacturing service wing. The company made an industry splash late last year when they announced the creation of the world's first 3D printed metal firearm.

Both transactions should be complete by the third quarter following closing conditions.

Insiders say Stratasys plans to combine Solid Concepts and Harvest Technologies and fold them into RedEye to form a single additive manufacturing service business unit.

The President of Solid Concepts, Joe Allison, is set to join the Stratasys management team and lead the combined parts business.

"With Solid Concepts and Harvest Technologies, together with RedEye, we expect to create a strategic platform to meet our customers' additive manufacturing requirements by significantly expanding our offering, targeting new applications, and strengthening our customer relationships." said David Reis, CEO of Stratasys. "As our customers' requirements continue to expand, we must evolve to create full service offerings that provide a variety of technologies and custom manufacturing solutions and focus on high-end production applications."

It's expected that the purchase of Solid Concepts and Harvest Technologies will lend Stratasys significant manufacturing and end-use parts production capabilities, bolster infrastructure and capacity and leverage Solid Concepts' share of the medical and aerospace markets. Harvest Technologies will lend their experience in parts production, materials and systems knowledge of direct digital manufacturing and parts production.

Based in Valencia, California, Solid Concepts is an industry pioneer founded in 1991. The firm currently operates six U.S. facilities and employs approximately 450 staffers. The company generated revenues of some $65 million in 2013.

Harvest Technologies staff photoHarvest Technologies, of Belton, Texas, is a an additive manufacturing service bureau which was established in 1995 and has approximately 80 employees. The company is also the first additive manufacturing concern in North America to become AS9100/ISO 9001 certified.

According to the agreement, Stratasys will acquire Solid Concepts for total consideration of up to $295 million, including a payment when the deal closes of $172 million, deferred payments of $60 million and up to $63 million in retention-related payments.

The Harvest Technologies deal will be for an undisclosed amount which may include retention-related payments in cash, shares of Stratasys or some combination of those payments.

"Solid Concepts and Harvest Technologies are industry pioneers and innovators in the additive manufacturing space," Reis said. "These transactions are consistent with our core strategic imperatives and M&A strategy, which is focused on acquiring leading companies to support our goal of continued leadership in the segments in which we operate, as well as reaching new niche verticals. With our shared cultures of innovation and customer service, we believe this will be a smooth transition."

It's a compelling mix as both Solid Concepts and Harvest Technologies have strong financial track records.

Stratasys Ltd. is headquartered in Minneapolis, Minn. and Rehovot, Israel and is a leading global provider of 3D printing and additive manufacturing solutions which boasts patented FDM® and PolyJet™ 3D printing technologies used to produce prototypes and manufactured goods directly from 3D CAD files or other 3D content. With more than 1800 employees, Stratasys currently holds over 550 granted or pending additive manufacturing patents around the globe.

Shares of Stratasys fell to $110.65 shortly after the announcement of the deals but have since rebounded to approximately $114 per share.