Since its creation, Forward AM, which is part of BASF, has set itself the objective of responding to all stages of the additive manufacturing value chain. Best known for its 3D printing materials, the company also offers consulting, prototype simulation, final machining and part inspection services. Its materials portfolio includes filaments, powders and photopolymers that have earned the trust of renowned companies and have been used for multiple applications. The list of companies that use Forward AM materials is long (HP 3D Printing, Weerg, Nexa3D, Creality 3D and Axtra3D are among them, to name a few).
Last month, the company declared that it wanted to take off, as the Managing Director, Martin Back, underlined: “ The transformation of BASF 3D Printing Solutions, known as BASF Forward AM, into our new brand Forward AM symbolizes our development. […] We welcome you to be part of this journey, and together we will continue to lead and grow the world of additive manufacturing. The future is bright and we look forward to exploring the possibilities with you “. But it seems that everything is not so rosy. A few days ago, the media reported on insolvency proceedings for Forward AM. What about today?
It was only in October that it was announced that “BASF Forward AM” would become “Forward AM”.
Our colleagues from 3D Printing Industry were the first to raise the subject of Forward AM’s insolvency and reported on proceedings filed on November 21 with the Heidelberg district court, without citing concrete sources. 3Druck picked up the information and also devoted an article to this case. According to the listing on the Versteigerungskalender website, which is operated and powered by ZVG Daten GmbH, insolvency proceedings of Forward AM were actually opened on Thursday last week. This is surprising for several reasons.
Firstly, a procedure follows a prior written request when there is a concrete reason for opening, i.e. insolvency or predominant or imminent over-indebtedness. Secondly, according to German law, such an insolvency application must be filed immediately, within three weeks of becoming aware of the threat or reality of insolvency. This contrasts with the optimism displayed by Forward AM on its social networks during the Formnext trade fair which was held from November 19 to November 22. Nothing in it suggested a precarious situation for the company, quite the contrary, since we could read: “Our team looks forward to contacting you and giving you an overview”, and at the end of the salon, on its LinkedIn page, we could read:
Formnext was a great success! Connecting with so many partners and visitors at our booth was truly inspiring, and we enjoyed every conversation about the future of additive manufacturing. […] We can’t wait to see where our collaboration takes us next!
In the near future, Forward AM will have to deal with the ongoing insolvency proceedings before continuing its collaborations. To do this, a judicial administrator will be appointed alongside the company. This will have access to all commercial documents and accounts and will aim to safeguard the assets and check whether the costs of the procedure can be covered by the existing assets and whether the business is likely to continue to exist. During the procedure, different possibilities are evaluated, for example reorganization of the company, takeover by an investor (transferred reorganization) or complete liquidation. The company has no power to influence the outcome, since its ability to act is limited already in the current procedure due to the legal situation and it is represented by the administrator of the insolvency. An insolvency compensation fund must ensure that employees’ salaries are assured in the coming months and before the announcement of insolvency.
It remains to be seen what will become of Forward AM. We will keep you informed and inform you of any news regarding this case. To learn more about Forward AM, click HERE.
Forward AM is known for its 3D printing materials
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*All photos credit: Forward AM
