GE and German concept laser company reached a 75% stake in the agreement, the agreement allows GE to complete the acquisition within a few years the company. GE Vice President and GE Aviation President, said: GE commitment to enhance the concept of laser pointer technology and output. Concept Laser CEO, said: GE saw by the material manufacturing industry leadership in the digital transformation of the potential, we are pleased to work together to accelerate the development of the technology for the benefit of users. The company has some exciting new products to market, with GE's support we will be in the center of industrial 4.0.
Concept laser company was founded in 2000, 2001 commercialized the first metal by material manufacturing machine tools. 16 years, the company will be its patented LaserCUSING industrialization and maintain the industry-leading. The concept of high power laser pointer company has more than 200 employees, is the metal by material manufacturing pioneer in the field. Concept Laser designs and manufactures machine tools based on powder-bed-based laser materials. Its customers include the aerospace and medical industries, as well as automotive and jewelry. The company's machine tools cover the largest and smallest size range on the market today and are able to process a wide range of powder materials including titanium and nickel-based, cobalt-chromium and precious metal alloys, as well as hot and high grade steels and aluminum. Concept Laser's multi-laser machine is one of the fastest and highest quality 2000mw laser pointer melting machines in the world. The company continues to invest in customer-centric technology, including real-time process monitoring through its QMmeltpool system. The company will also announce the launch of the new machine concept using full modular technology for sale.
To support the future growth of the business, GE is committed to investing in Concept Laser to become GE's new German center. The acquisition provides GE with access to a wide range of industries for the manufacture of materials. GE is a leading end-user and innovator in the material manufacturing industry. GE has invested approximately US $ 1.5 billion in manufacturing and material technology through the GE Global Research Center to develop incremental applications in six of its business units. GE Aviation this year through the LEAP engine to the civil aviation aircraft introduced the first engine component wood fuel nozzle, in 2020 will be an annual output of 40,000. GE Aviation also uses components to produce the most advanced military engines. In the navigational market, GE is developing advanced turboprop engines for Cessna, a large part of which is manufactured using incremental materials.