Forward AM Technologies GmbH has filed for insolvency as a proactive measure to restructure the business, CEO Martin Back says.
Reports of the company's financial struggles emerged earlier this week, with the company now confirming in a press release that it commenced insolvency proceedings with the District Court of Heidelberg on November 21, 2024.
The Forward AM brand and company was initially set up by BASF, before being spun out into an independent entity earlier this year. Upon transitioning from BASF to an independent company, Back told the Additive Insight podcast that Forward AM took with it the Sculpteo service offering, 400 patents, and more than 60 commercialised materials products. The company also claimed to have boasted a consistent 30% annual growth rate over the past two years. Yet, less than six months after spinning out of BASF, Forward AM has filed for insolvency.
According to Forward AM, the company remains committed to fulfilling all existing and new orders, with the insolvency process intended to attract new investments. Forward AM is hoping such investment will help to build a stronger foundation for long-term success. The District Court of Heidelberg has appointed Tobias Wahl, a partner at Anchor Rechtsanwälte, as the preliminary insolvency administrator, with work already underway to engage with stakeholders and employees to develop a sustainable plan for the future.
CEO Back commented: “We are confident that, together with our partners and investors, we can lay the groundwork for a successful future. Our focus remains on providing innovative solutions to the success of our customers and further strengthen our leading position in the field of 3D printing solutions.”
Wahl added: “The conditions for the continuation of the company are in place. Business operations are stable, and we are committed to promptly working toward a long-term restructuring solution.”
The Forward AM press release states that it is the company's headquarters that has filed for insolvency. Forward AM's local entities are therefore not affected and will continue business as usual.
