General Electric Co. has reached an agreement to acquire a 75 percent stake in metal additive manufacturer Concept Laser GmbH for $599 million and take full ownership in “a number of years.”

“Concept Laser founder Frank Herzog and his team are true pioneers in metal laser melting technology,” said David Joyce, vice chairman and president of General Electric and CEO of General Electric Aviation. “We are committed to enhancing Concept Laser’s technologies and product offerings across a well-established customer base.”

Herzog will continue as the CEO of Concept Laser and will also assume a senior leadership position within General Electric. In order to support the growth potential of the business, the company plans to invest significantly in Lichtenfels, Germany, which will continue to be Concept Laser’s headquarters and will become a new German center for General Electric. General Electric will retain Concept Laser’s management and employees. Concept Laser sets the stage for General Electric to sell additive manufacturing equipment across several industries.

General Electric is a manufacturer of electrical equipment, lighting products and household appliances, among other systems.