Forward AM, a German 3D printing materials company, has seen proceedings for insolvency filed, according to court documents.
The company recently concluded a week at Frankfurt’s Formnext trade show with jubilant social media posts focused on the future. However, a filing with the Heidelberg District Court on November 21st, 2024, suggests a different picture at least for the German entity, Forward AM Technologies GmbH.
Under German law, company directors are legally obliged to file for insolvency without undue delay; a time frame generally acknowledged as within three weeks of becoming aware of the possibility of insolvency.
Insolvency can take several forms, including the inability to meet financial obligations when they fall due, over-indebtedness, or imminent insolvency. Insolvency proceedings aim to either ensure restructuring takes place (if viable) or liquidate the company assets to pay creditors.
Under German law, an Insolvency Payment Fund (Insolvenzgeld) is intended to protect employee wages for up to three months before insolvency.
The goals of the German insolvency code include the possibility of preserving the business. The final outcome is unclear, and restructuring may see Forward AM continue. Possibly with a revised corporate HQ elsewhere.
Large chemical companies exit 3D printing material sector
Forward AM was launched in 2017 as part of BASF. The company’s material portfolio includes filament, powder, and photopolymers. One notable material is the Ultrafuse metal filament, a stainless steel type material that can be 3D printed on FDM systems. Earlier this year, the management team at Forward AM announced a management buyout that would see Forward AM Technologies split from BASF. BASF’s most recent full-year annual revenue was €68.9 billion ($71.8B), a figure substantially larger than even the most exuberant estimates of the additive manufacturing sector.
Last week, 3DPI broke the news that France-based high-performance polymer supplier KIMYA was exciting the 3D printing industry. A statement later issued by Hubert de Boisredon, President and director general of parent company the ARMOR GROUP, expressed regret for the closure of KIMYA filament production and additive manufacturing business launched with enthusiasm in 2017. The parent company reports that regional group sales are half a billion dollars.
In 2023, Brazilian chemical company Braskem spun out its 3D printing filament business into a new company called Xtellar. In June 2024, the company announced, “Braskem has decided to discontinue the Xtellar operation and its associated products indefinitely.” Braskem reported 2023 revenue of $13.7 billion.
While several large multinationals have not seen sufficient or sufficiently rapid growth to support continued investment, many would argue that this short-termism is misplaced.
Forward AM has been contacted for comment, and this article will be updated on reply.
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Featured image shows Ultrafuse 17-4 PH filament. Photo via BASF.
