Anzu Partners has done something that probably should have happened a long time ago... ExOne GmbH and voxeljet – two historic leaders in 3D printing with sand – are merging to form a new entity: ExOne Global Holdings.
Anzu Partners has the ambition to create a global leader in binder jetting 3D printing. Which generally should not be too difficult, because after the collapse of Desktop Metal, the only remaining competitor in this field is HP, which in turn specializes only in metals.
In any case, ExOne Global Holdings will combine the resources of both brands, offering a broader portfolio of products – from precise, small-scale systems to large-format solutions.
The new company will retain its branches in Germany, the USA, Japan, China, and India. Its CEO is Eric Bader (formerly of ExOne GmbH), and the management board includes former voxeljet CEO Rudolf Franz and Whitney Haring-Smith from Anzu, who has taken the position of chairman.
A brief explanation regarding ExOne: since the 1990s, the company has been developing 3D printing with metal and sand in binder jetting technology in parallel. However, the merger described here concerns only the latter, which was developed in Germany (the metal 3D printing division, developed in the USA, was largely wasted due to Desktop Metal’s disastrous management).
Anzu Partners boasts that both companies together have hundreds of patents and over 500 installed systems on all continents – which, of course, can only be impressive in the context of such highly specialized 3D printers for metals.
This is also the source of the financial troubles that have plagued both companies for most of their existence. Because if, over 25 years of operation, you sell only a few hundred machines in total, well… it’s not exactly the most effective way to become a multibillion-dollar corporation.
The history of ExOne
The history of ExOne is the story of a pioneer who ultimately became a pawn in a larger game. Its roots go back to the mid-1990s, when the American company Extrude Hone Corporation, founded by Larry Rhoades in Pennsylvania, USA, began work on an innovative 3D metal printing technology.
Extrude Hone, specializing in precision surface finishing and polishing techniques, collaborated with MIT, which developed the binder jetting concept — a method based on selectively applying a binder onto layers of powder.
Originally, this technology focused on gypsum powders, onto which, in addition to the binder, ink was also sprayed, creating full-color models. This method was developed by ZCorporation, which was acquired in 2011 by 3D Systems.
In 1998, the first metal 3D printer prototype was created — the ProMetal RTS-300, using metal powders and polymer binders. This system enabled the creation of so-called “green parts”, which were then sintered to obtain metal components of high density.
That was the moment of birth for metal binder jetting as an industrial technology.
In 2005, Rhoades sold Extrude Hone to the corporation Kennametal, but spun off the 3D printing operations into a separate entity – The Ex One Company, LLC (abbreviated as ExOne). The company began developing binder jetting technology in two directions:
Metal binder jetting – continued in the USA (Pittsburgh, later North Huntingdon), focused on steel, bronze, and titanium powders.
Sand binder jetting – developed in Germany, in the newly established ExOne GmbH division, headquartered in Gersthofen (Bavaria).
In the United States, ExOne developed 3D printing in metal, because the local industry – especially the aerospace, defense, and energy sectors – had been investing for years in advanced metallurgy technologies.
Germany, on the other hand, had a strong foundry and automotive sector, where sand molds and cores played a key role. For German car manufacturers and foundries, the priority was not printing final metal parts, but rapidly creating casting molds, which could shorten the production process of engines, blocks, and aluminum components.
That is why the German division of ExOne focused on developing and improving sand binder jetting. This technology made it possible to directly 3D print large sand molds without the need for traditional patterns.
Over time, it was ExOne GmbH that became the actual operational center of the company in Europe and a symbol of brand reliability – even though the main headquarters formally remained in the USA.
After ExOne was acquired by Desktop Metal in 2021, the American division was integrated into the structures of the new company, which led to its quick dissolution within this overly fast-growing conglomerate. The German division, however, remained relatively strong and, after Desktop Metal’s collapse, became the most attractive part of the bankruptcy estate.
The history of voxeljet
voxeljet was founded in 1999 as a spin-off from the Technical University of Munich. From the beginning, it specialized in large-format 3D printing for the foundry industry.
Unfortunately, the company’s debut on NASDAQ in 2013 quickly exposed the weakness of its business model. As early as November of that same year, analyst Andrew Left from Citron Research published a devastating report questioning the company’s valuation.
He revealed that in the third quarter, voxeljet had sold only three machines, and even those were not typical transactions, but creatively structured loans to customers for their purchase.
The following years only reinforced this pessimistic image. The company recorded constant losses, selling only 25–35 machines per year, which did not allow it to achieve profitability.
In 2022, in an act of desperation, voxeljet sold and leased back its headquarters in order to pay off debts.
The paradox is that, despite chronic financial troubles, voxeljet’s technology quietly brought about a revolution in the global automotive industry.
It was on the machines of this company, such as the VX4000, that Tooling & Equipment International printed molds for Tesla’s “gigacastings” – large body components cast in a single piece, which became a hallmark of Elon Musk’s cars.
Industry giants such as General Motors picked up on this technology, while voxeljet continued to struggle for survival.
At a time when the company was on the brink of collapse, Anzu Partners appeared, acquiring its assets and becoming both the savior and owner of voxeljet and ExOne GmbH, opening the way for their merger.
The merger of giants of a very niche technology
In 2025, both companies found themselves on the verge of collapse. ExOne was entangled in the bankruptcy of its parent company, while voxeljet had to delist from the stock exchange in order to cut costs.
Then, the American investment fund Anzu Partners, managing over one billion dollars in assets, entered the stage.
Anzu declares that the goal is not merely to rescue the brands, but to build a strong, integrated organization capable of meeting the global demand for industrial 3D printing.
But does this merger even make sense?
At first glance, Anzu’s decision might seem like a desperate move – an attempt to glue together two bankrupt companies into a single structure in order to prolong their agony.
However, a deeper analysis suggests that this move may be logical and potentially profitable, though risky.
First, the product synergy is real. ExOne specialized in medium-format sand and metal printers, while voxeljet dominated the segment of large-scale machines for casting mold production. Combining these two technologies creates a complete spectrum of solutions – from precise, small details to large-format components.
Second, geographical market complementarity. ExOne had a strong position in Japan and the USA, while voxeljet was well-established in China and India. As a result, ExOne Global Holdings gains a global reach that was previously beyond the capabilities of either company on its own.
Third, joint R&D may finally lead to real innovations in printing speed and quality. Both research teams had competed for years, often duplicating efforts. Now, working together, they can accelerate the development of a technology that the industry still needs – particularly in the context of digital foundries and mold production.
However, one cannot overlook the dark sides of this transaction.
Merging two historically inefficient organizations always carries the risk of cultural clashes and bureaucratization. It will be necessary to eliminate redundant departments, integrate systems, and regain customer trust.
Anzu declares long-term commitment, but investors know how funds operate – if the project doesn’t start generating profits within a few years, it may be sold off.
Even so, there is something symbolic in this story. Two companies that had competed for 25 years must now collaborate just to survive.
It is a kind of reconciliation – not only in business terms but also in technological ones.
Did Anzu really merge these companies to create a forward-looking business? Or was it rather about securing the value of patents and infrastructure before they disappeared entirely?
Time will tell.
But one thing is certain – in this industry, only those who can combine innovation with hard industrial realism will survive.
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