In the wake of a worldwide economic downturn and declining 3D printer sales, AMT (Additive Manufacturing Technologies), based in Sheffield, UK, has announced an extensive strategic business restructuring. This initiative aligns with a global trend of tech companies adjusting their strategies and workforce to cope with the current economic climate.
In a LinkedIn post, AMT’s Founder and CEO, Joseph Crabtree, publicly addressed the company’s restructuring strategy. He outlined that key aspects of the restructuring involve workforce streamlining and role consolidation, steps designed to better align the company’s operations with the market realities of the day. While Crabtree acknowledged the problematic nature of these decisions and the impact on employees, he reassured that AMT remains committed to supporting them during the transition.
Simultaneously, despite the ongoing challenges, Crabtree communicated optimism about AMT’s financial trajectory. Projected revenues for this year are estimated between £11 – 13 million ($14.5 – $17 million), with the anticipation of achieving profitability in the fourth quarter. The company’s investors have supported this positive outlook and have infused additional capital to fuel the transition toward profitability and ensure a positive future cash flow.
Complementing its structural changes, AMT remains aligned with its original innovation initiatives. This is evident in the continuation of its PostPro Pure rollout – a solution considered among the greenest consumable for processing 3D printed parts. Moreover, the company has recently launched its Digital Manufacturing System (DMS), the initial units of which have already been shipped to esteemed US customers. These product launches highlight AMT’s commitment to adapt and evolve in response to market demands.
Adjustments have not only been made internally; AMT’s market engagement strategy has also been revised. The company has decided to abstain from participating in in-person trade shows this year, choosing instead to support partners at these events. By focusing on existing clients and streamlining operations, AMT aims to enhance the value it offers to customers. For example, the firm recently highlighted the presence of AMT PostPro reseller Kaut-Bullinger Office + Solution GmbH at automatica an exhibition for intelligent automation and robotics that took place June 27 – 30, 2023, in Munich. The brand is showcasing the latest innovations in automated post-processing from AMT, especially the PostPro SF100 chemical vapor smoothing system with automated loading for maximum efficiency.
Crabtree stressed that throughout this period of transformation, maintaining exceptional customer support remains a top priority. The core team remains intact and dedicated to upholding the high level of service their customers have come to expect from AMT, went on the CEO.
“In response to the current global economic downturn and the slowdown in 3D printer sales, we have embarked on a strategic restructuring journey. Our primary focus is on sustainable growth and profitability, which has led us to streamline our workforce and consolidate roles to better align with the market realities we face today,” expressed Crabtree. “We understand that these decisions have not been easy, and we sincerely regret the impact on our dedicated team members. We deeply appreciate their contributions and are committed to supporting them through this transition period.”
This venture-backed 3D printing technology firm has announced a strategic restructuring to sustain growth and profitability amidst the global recession. The business restructuring plan involves workforce streamlining, role consolidation, and focusing on existing clients. Despite the challenging economic climate, AMT projects strong revenue for this year and anticipates profitability by the fourth quarter.
AMT’s restructuring and streamlining steps align with a broader pattern across the tech industry. In the US, widespread layoffs follow a period of rapid post-pandemic hiring, with disappointing job additions in March 2023 pointing to a slowing job market. In parallel, the number of first-time claims for unemployment benefits has risen above expectations. Overall, over 194,000 Americans have been left unemployed in 2023 so far.
In the UK, the business landscape is similarly challenging. The Confederation of British Industry has urged the government to restore macroeconomic stability and address looming business rate hikes. Amid these financial pressures, in early 2023, approximately 31% of businesses began making job cuts, and The Guardian reported that hundreds of jobs in the UK are “on the chopping block.”
Globally, even tech giants such as Google, Microsoft, Meta, Amazon, and Spotify have announced significant staff reductions. Layoffs.fyi, a technology employment tracker reports close to 200,000 layoffs across the sector, indicating that technology businesses are generally reducing their workforces by 5%-15%. The unsettling trend affected not only tech but also the banking, media, and manufacturing sectors.
Despite facing challenges, AMT wants to maintain its dedication to innovation and customer support as it undergoes restructuring by providing innovative post-processing solutions to the evolving 3D printing industry.
“I extend my sincere gratitude to our customers, employees, and stakeholders for their understanding and support as we navigate this transformative period. Together, we will emerge stronger than ever, continuing to offer innovative post-processing solutions in the dynamic 3D printing industry. For more information, please reach out to me directly,” concluded Crabtree.
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