SLM Solutions Group AB, the Luebeck based manufacturer of Metal Powder Bed Fusion systems has announced changes in composition of their supervisory board, a new CEO and a fresh infusion of approximately EUR 13 million to strengthen its financial position and focus on growth.
SLM Solutions Group AB has proposed three new Supervisory Board members set to bring additional industry, manufacturing and capital markets expertise. In coordination with Elliott, SLM’s largest shareholder, the Company will consider suggesting Michael Mertin, Magnus René and Thomas Schweppe for court appointment or election to SLM’s Supervisory Board as the case may be. Michael Mertin, Magnus René and Thomas Schweppe bring additional experience in additive manufacturing, industrial manufacturing and capital markets and will complement and strengthen the board of SLM. Michael Mertin is the former CEO of Jenoptik, Magnus René is the former CEO of ARCAM in Sweden and Thomas Schweppe is Managing Director of 7Square and former Managing Director at Goldman Sachs. In addition, Peter Grosch, Lars Becker and Bernd Hackmann have announced their retirement or informed the board that they will not be available for re-election.
After the announcement in late 2018 that outgoing CEO Uwe Bögershausen would not extend his contract beyond June 2019, the company has appointed Meddah Hadjar its new CEO effective May 1, 2019. Meddah Hadjar. Hadjar brings a range of international experience and expertise in product management, Additive Manufacturing, engineering and aeronautical engineering, having served in key leadership roles within the aviation, oil & gas and power & energy business units at GE.
Franck Tuil, senior portfolio manager at Elliott, stated: “The commitment of additional capital is based on our belief in SLM’s technological leadership in the additive manufacturing industry and its strong customer base. We look forward to continuing our collaborative relationship with the Company and are confident the newly appointed CEO Meddah Hadjar and a strengthened Supervisory Board can successfully position SLM to realise its significant potential, delivering compelling value to all of SLM’s stakeholders.” SLM will receive gross proceeds amounting to around EUR 13 million from the Capital Increase. The proceeds from the Capital Increase will bolster the Company’s financial position and will be used for general corporate purposes.
Hans-Joachim Ihde, Chairman of the Supervisory Board of SLM Solutions, stated “We welcome Elliott’s and ENA Investment Capital´s strong commitment to SLM. The injection of additional capital is a strong vote of confidence in the future prospects of SLM. We are also encouraged by the fresh perspectives and unique experience that Michael Mertin, Magnus René and Thomas Schweppe will bring to SLM’s Supervisory Board. We thank Peter Grosch, Lars Becker and Bernd Hackmann for their years of service to SLM. With a refreshed Supervisory Board, a new CEO, and fresh injection of capital, SLM is well positioned to realize its full potential,”
More details: https://www.slm-solutions.com