United Parcel Service, Inc. (NYSE:UPS) is expanding its on-demand 3D printing services to include Asia.
UPS said that it will opening a Fast Radius 3D printing factory in Singapore. This factory will open by the end of the year. It will offer quick service to businesses that need parts in a short amount of time.
The UPS expansion into Asia means that the company is seeking to help businesses cut out the manufacturer by making and shipping the parts for them. The delivery company also argues that this could result in companies saving money with virtual inventories. This means they wouldn’t have to store as many spare parts in case something went wrong.
UPS also pointed out that businesses can use its 3D printing service in Asia to test out prototypes of products easier. The service will also allow them to make changes and customize the products without much hassle.
“3D printing will have a significant impact on industrial manufacturing and 21st Century supply chains,” Ross McCullough, president of UPS Asia Pacific region, said in a statement. “We believe that much like ecommerce digitized and transformed retail, 3D printing will have a similar impact on manufacturing.”
There’s also been talk that the company is looking to expand its on-demand 3D printing services to Europe as well. However, there has been no official announcement about these plans. Current speculation has the company opening a Fast Radius 3D printing factory in Germany.
UPS stock was up slightly as of Monday afternoon.
