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Protolabs

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Protolabs
FormerlyThe ProtoMold Company
NYSE: PRLB
S&P 600 Component
Founded1999
FounderLarry Lukis
Headquarters
Maple Plain, Minnesota
,
United States
Area served
Global
Key people
Larry Lukis
Vicki Holt (CEO)
Productsprototyping and short-run production parts
Revenue$445.6 million (2018)
Number of employees
2700 (2019)
Websitewww.protolabs.com

Protolabs is a company that provides rapid manufacturing of low-volume 3D printed, CNC-machined, sheet metal, and injection-molded custom parts for prototyping and short-run production.[1][2][3][4][5][6] Markets like medical devices, electronics, appliances, automotive and consumer products use these parts.[5][6][7] Protolabs' headquarters and manufacturing facilities are located in Maple Plain, Minnesota.[1][3][8][9] The company also has manufacturing facilities in England, Germany, and Japan.[1][3]

History

In 1999, Larry Lukis founded the Protomold Company, Inc., that specialized in the quick-turn manufacture of custom plastic injection molded parts.[2][5] Protomold was recognized for its small batch molded parts and rush orders.[10] He previously ran ColorSpan, an original equipment manufacturer that produces printers and desktop publishing systems.[2] He was the chief technology officer of Protomold.[2] Later, in 2001, Brad Cleveland joined Protomold as CEO and president.[1][2][9][11]

In 2005, Protomold opened up its first UK plant in Telford, England.[12] Two years later, Protomold introduced the Firstcut quick-turn CNC machining service.[13] In 2009, the company combined its Protomold and Firstcut services under its corporate name, Proto Labs Inc.,[3] and Protolabs opened a location in Japan to serve Japanese design engineers.[3]

In 2009, Firstcut, a service from Protolabs, made available CNC-machined prototype parts made of aluminum, as well as ABS, nylon, and PEEK.[14] In February 2012, Protolabs completed its initial public offering of common stock.[15][16]

An aerial view of Protolabs manufacturing facility in Plymouth, Minnesota.

In 2013, Protolabs reached $150 million in revenue.[17] In 2014, Protolabs acquired the North Carolina-based 3-D printing company, FineLine Prototyping Inc. In fall 2016, Protolabs' 3D printing services moved to a new 77,000 sq. ft. facility in Cary, North Carolina. The company also opened a plant in Plymouth, Minnesota.[18][19][20][21]

In February 2014, Vicki Holt was named CEO. She was hired to help Protolabs become a billion dollar manufacturing company. Holt is expanding Protolabs into the medical equipment markets and the lighting industry.[10]

In November 2017, Protolabs acquired RAPID Manufacturing in Nashua, New Hampshire for an aggregate purchase price of $120 million to expand into sheet metal fabrication capabilities.[22]

During the 2019–2020 coronavirus pandemic, Protolabs began producing face shields, plastic clips, and components for coronavirus test kits for use in Minnesota hospitals.[23] The company also collaborated with the University of Minnesota to produce parts for a low-cost ventilator.[23]

In January 2021, Protolabs announced an agreement to acquire Amsterdam-based manufacturing platform 3D Hubs for $280 million in cash and stock plus incentives.[24]

In March 2021, Holt plans to retire and will be succeeded as CEO by VP and GM of Americas, Robert Bodor, according to a company announcement.[25]

Cool Idea! Program

In 2011, Protolabs launched the Cool Idea! Award program. The program awards a total of up to $250,000 each year in services to entrepreneurs with innovative product ideas in the United States and Europe.[26][27][28]

Awards

  • In 2004, the Minneapolis/St Paul Business Journal named Protomold to the top of its “Growth 50” list.[29]
  • In 2010 and 2013, Protolabs was awarded the Queen's Awards for Enterprise.[30]
  • In June 2012, Larry Lukis and Brad Cleveland won the Ernst & Young Entrepreneur of the Year Award for their work with Protolabs.[31][32]
  • In 2013 and 2014, Protolabs was recognized by Forbes in the top 5 of America's Best Small Companies.[33]
  • In 2015, Protolabs was recognized as one of the top-ranked rapid prototyping vendors in the United States by their customers.[34]
  • In 2016, Workplace Dynamics recognized Protolabs as a top-ranked workplace in Minnesota [35]
  • In 2016, the Minnesota High Tech Association awarded Protolabs (alongside Recombinetics, Sentera, and 12 other companies) with a Tekne award for its work in advanced manufacturing.[36]

See also

References

  1. ^ a b c d "Proto Labs Ltd Does with the Queen's Award for the second time". Interempresas. Retrieved 30 September 2013.
  2. ^ a b c d e "Fast forward prototyping arrives". Plastics Today. Retrieved 30 September 2013.
  3. ^ a b c d e "Rapid Injection Molder's Automated Process Creates Strategic Advantages for Clients". Design-2-Part Magazine. Retrieved 30 September 2013.
  4. ^ "Proto Labs". PMW Magazine. Retrieved 30 September 2013.
  5. ^ a b c "The Changing Face of Injection Molding". Medical Design. Retrieved 30 September 2013.
  6. ^ a b "Fashion Meets Function with Proto Labs' Latest Cool Idea! Award Winner". Daily Finance. Retrieved 30 September 2013.
  7. ^ "3D Technology Will Be "Printing" Money". Money Show. Retrieved 30 September 2013.
  8. ^ "Women in Business 2013—Jackie Schneider". Minneapolis/St. Paul Business Journal. Retrieved 30 September 2013.
  9. ^ a b "Large Manufacturer of the Year: GNP Company". Minnesota Business Magazine. Archived from the original on 5 October 2013. Retrieved 30 September 2013.
  10. ^ a b Slade, Hollie (15 October 2014). "How Proto Labs Is Building The Factory Of The Future". Forbes. Retrieved 1 November 2014.
  11. ^ "Affordable Injection Molding Transforms Tinkerers Into Tycoons". Wired. Retrieved 30 September 2013.
  12. ^ "Proto Labs: Weiter auf Wachstumskurs mit neuer Betriebsstätte". Plasticker. Retrieved 30 September 2013.
  13. ^ Adrienne Burke (3 January 2014). "How Proto Labs makes manufacturing in the USA possible for more inventors". Yahoo! Small Business Advisor. Retrieved 14 August 2014.
  14. ^ "Proto Labs: First Cut mit Prototypenteilen aus Aluminium". Plasticker. Retrieved 30 September 2013.
  15. ^ "United States Securities and Exchange Commission - Proto Labs Inc". Nasdaq. Retrieved 30 September 2013.
  16. ^ "St. Anthony: Proto Labs learns a long-term lesson". Star Tribune. Archived from the original on 5 October 2013. Retrieved 30 September 2013.
  17. ^ Mike Scott (28 May 2014). "Minnesota firm upgrades LSR capabilities". Rubber News. Retrieved 14 August 2014.
  18. ^ Sam Black (24 April 2014). "Proto Labs gets into 3-D printing with N.C. acquisition, opens Plymouth plant". Minneapolis / St. Paul Business Journal. Retrieved 14 August 2014.
  19. ^ Kevin Mahoney (24 April 2014). "Proto Labs Enters 3-D Printing With $38M Deal". Twin Cities Business. Retrieved 14 August 2014.
  20. ^ Ann R. Thryft (13 May 2014). "Proto Labs Buys 3D Printing Service Bureau". Design News. Retrieved 14 August 2014.
  21. ^ Dee Depass (25 April 2014). "Proto Labs buys 3-D printing company in Raleigh, opens Plymouth factory". Star Tribune. Retrieved 14 August 2014.
  22. ^ Williams, Nick (2017-11-21). "Proto Labs acquires New Hampshire sheet metal manufacturer for $120 million". www.bizjournals.com. Retrieved 2017-11-21.
  23. ^ a b Miller, Norman. "How factories change production to quickly fight coronavirus". www.bbc.com. Retrieved 2020-04-28.
  24. ^ "Protolabs Reaches Agreement to Acquire 3D Hubs, Creates the World's Broadest Digital Manufacturing Offer for Custom Parts". www.businesswire.com. 2021-01-19. Retrieved 2021-01-21.
  25. ^ "Protolabs' VP and GM of Americas Named Successor to Company's President and CEO". www.protolabs.com. 2020-12-14. Retrieved 2021-01-21.
  26. ^ Jessica Leber (19 November 2013). "A Phone Charging Device For The Next Billion Turns Heat Into Power". Fast.co Exist. Retrieved 14 August 2014.
  27. ^ Adrienne Burke (8 February 2014). "Proto Labs Gives Entrepreneurs with Cool Ideas a Kickstart". Yahoo! Small Business Advisor. Retrieved 14 August 2014.
  28. ^ Rakesh Sharma (18 February 2014). "An Award For Hardware". Forbes. Retrieved 14 August 2014.
  29. ^ "The Business Journal names "Growth 50"". Minneapolis/St. Paul Business Journal. Retrieved 30 September 2013.
  30. ^ "Proto Labs: Auszeichnung mit dem Queen's Award". Plasticker. Retrieved 30 September 2013.
  31. ^ "EY announces winners for the Entrepreneur Of The Year™ 2012 Upper Midwest Award". EY. Archived from the original on 5 October 2013. Retrieved 30 September 2013.
  32. ^ "Proto Labs replaces founder Lukis as chief technology officer". Minneapolis/St. Paul Business Journal. Retrieved 30 September 2013.
  33. ^ Karsten Strauss (9 October 2013). "The Winners Circle: America's Best Small Companies". Forbes. Retrieved 14 August 2014.
  34. ^ VendOp's Top Rapid Prototyping Vendors of 2015
  35. ^ "Top Workplaces in Minnesota". Star Tribune. Retrieved 13 January 2017.
  36. ^ "Proto Labs, Sentera among 2016 Tekne Award winners". Minneapolis/St. Paul Business Journal. Retrieved 17 November 2016.

Further reading

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