Money & Funding

Elliott invests another $13 million in SLM Solutions

Fund shows its commitment to the company's growth as Meddah Hadjar is named CEO

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SLM Solutions Group AG has received a capital injection of €13 million will continue to fund growth and development projects. The funds came from Elliott, SLM’s largest shareholder, together with ENA Investment Capital. In 2014, an activist fund tied to Elliott was responsible for foiling the acquisition by GE (which then moved on to acquire Concept Laser) and SLM’s share prices have been suffering since. Now the giant fund has further clarified that it is committed to SLM’s growth.

The fresh injection of proceeds from the capital increase will bolster the company’s funding for further growth and R&D projects. Elliott, SLM’s largest shareholder, together with ENA Investment Capital, emphasized their commitment to the company and its future prospects with a significant investment to allow the company to further focus on growth. 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 and a strengthened Supervisory Board can successfully position SLM to realize its significant potential, delivering compelling value to all of SLM’s stakeholders.”

At the same time, SLM’s Supervisory Board also announced a number of new appointments. After the announcement in late 2018 that Uwe Bögershausen would not extend his contract beyond June 2019, the company resolved last week on appointing a new CEO to complete its Executive Board. Meddah Hadjar will join the company effective May 1, 2019, as CEO. Meddah Hadjar brings a wealth of international experience in product management, additive manufacturing and engineering, having served in key leadership roles within the aviation, oil & gas and power & energy business units at General Electric, to which SLM Solutions has sold many of its selective laser melting systems.

Hans-Joachim Ihde, Chairman of the Supervisory Board, believes that Meddah Hadjar’s broad international experience makes him the ideal candidate to lead SLM Solutions. “We are very happy to have signed Mr. Hadjar to bring the company back on its growth track,” he stated.

Elliott invests in SLM Solutions

Furthermore, three current members of the Supervisory Board have announced their retirement or stated that they will not stand for reelection in June: Peter Grosch, Lars Becker and Bernd Hackmann. Michael Mertin, Magnus René and Thomas Schweppe have been recommended to join as new Supervisory Board members. They will complement and strengthen the Supervisory Board by bringing additional experience in additive manufacturing, industrial manufacturing and capital markets to SLM Solutions. Michael Mertin was former CEO of Jenoptik, Magnus René was former CEO of ARCAM and Thomas Schweppe is Managing Director of 7Square and former Managing Director at Goldman Sachs. “We thank Peter Grosch, Lars Becker and Bernd Hackmann for their services and are encouraged by the fresh perspectives and unique experiences that the candidates Michael Mertin, Magnus René and Thomas Schweppe will bring to SLM Solutions,” Hans-Joachim Ihde stated.

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