California-based manufacturer OK International recently bought a minority stake in Chinese 3D printing company TierTime Technology Co. Ltd, and the plan is for the enterprises to co-develop a line of 3D industrial printers.
With a scheduled launch set for later this year, OK International will work with TierTime's subsidiary, Delta Micro Factory.
Founded in 1982 by Owen J. Kellett Sr. and his daughter Ann Marie Kellett, the OK International Group is a global manufacturer of integrated packaging automation systems in the food, powders, plastics, medical device, and contract packaging industries.
In the past few years the company has invested widely to expand their worldwide engineering, manufacturing, and service capacity. OK International has US-based facilities in Marlborough, MA, Countryside, IL, and San Jose, CA as well as European facilities in Lisse, the Netherlands, and Stanton, England, and a sales and marketing office in Shanghai, PRC.
TierTime Technology Corporation is currently the largest 3D printer manufacturer in Asia. The company is also a major player in the personal 3D printer market and specializes in R&D and the production and sale of 3D printers. The firm distributes 3D printers via an extensive reseller network which reaches the US, UK, Australia, Japan and South Africa. TierTime Technology Corporation was founded in 2003 and is headquartered in Beijing, China.
OK International, a unit of Dover Corp., also announced the launch of a new brand, Quant 3D, aimed at 3D printing for the professional and industrial markets. No small player, Dover Corp. posted sales of $8.7 billion last year.
With this latest entrance into the growing 3D printing market, OK International will join a segment which market research firm IBISWorld Inc. forecasts to grow at a 16% annual clip to a total of $3 billion by 2019.
No financial terms of the agreement were announced by either party.