Originally Published at Timesofisrael
3D Printer Maker Nano Dimension to Fire 20% of Workforce as Seeks Direction
Nano Dimension Ltd., a maker of 3D-printed electronic products, said on Monday it planned to cut its employee workforce by some 20 percent to reduce costs and has appointed an adviser to help it conduct a “review of strategic alternatives.”
“There can be no assurance that the exploration of strategic alternatives will result in a transaction,” the Ness Ziona, Israel-based firm said in filings to the Tel Aviv Stock Exchange, where its shares are traded. “The company has not set a timetable for the conclusion of its review of strategic alternatives, and it does not intend to comment further.”
Nano Dimension has appointed Stifel, a brokerage and investment banking firm, as its exclusive financial adviser to assist in its review, one of the two filings said.
Nano Dimension said it has taken “decisive steps to reduce its operating expenses,” according to the filings. This includes “a headcount reduction of approximately 20%. These actions are expected to reduce the company’s use of cash in the coming periods.”
The company also said it will launch a new 3D printer that will deliver “substantial performance improvements and mission critical features,” and that Simon Fried, a co-founder and former president of the firm’s North American activities, has decided to step down from his executive role “to pursue other opportunities.”
Fried will continue to serve on the company’s board of directors and to advise the company to ensure a smooth transition, the filing said.
“We believe that the combined actions we have taken position the company’s products and structure better for sustainable growth,” said Amit Dror, CEO of Nano Dimension, in one of the filings. “We strongly believe in our technology, which is second to none, and in the disruptive changes it is leading in the electronics industry.”
The shares of the firm were trading 9.2 percent lower at 12:31 p.m. in Tel Aviv, bringing the 12-month share slump to 77%. The firm posted annual revenue of $5 million and a loss of some $16 million in 2018.