Voxeljet AG's Restructuring Crossroads: StaRUG Measures and the Anzu Sale Stalemate

The saga of Voxeljet AG, a pioneer in industrial 3D printing, has reached a critical juncture. The company’s recent financial restructuring under Germany’s StaRUG program and its stalled sale to private equity firm Anzu Partners have created uncertainty for investors. While the February 2025 shareholder meeting postponed final approval of the Anzu deal rather than outright rejecting it, the delay underscores the delicate balancing act Voxeljet must perform to stabilize its operations and secure its future.

A Postponed Sale, Not a Rejection

On December 3, 2024, Voxeljet announced an agreement to sell its entire business to Anzu Partners in a transaction valued at approximately €20 million. The deal, structured as an asset sale, was initially expected to close by April 2025, pending shareholder approval and regulatory clearances. However, at an extraordinary General Meeting on February 27, 2025, shareholders opted to delay the final vote on the sale and liquidation of the company until a subsequent meeting, likely in Q2 2025.

This postponement was not a rejection but a procedural step to provide shareholders with additional information. The delay highlights a cautious investor base seeking clarity on the transaction’s terms and Voxeljet’s financial trajectory.

. The company’s unique position as a developer of the world’s largest 3D printers for automotive and aerospace sectors remains its key asset.

StaRUG Restructuring: Cost-Cutting Amid Uncertainty

Parallel to the sale process, Voxeljet has been implementing a restructuring plan under Germany’s StaRUG (Short-Time Work) program. The program, extended into 2025, aims to stabilize the company’s finances through workforce reductions and operational streamlining. Key moves include:
- A 30% workforce reduction by early 2024, followed by further cost-cutting measures.
- Redirecting resources to high-margin services like customized 3D printing for automotive and aerospace clients.
- Halting non-essential investments, such as real estate and long-term R&D projects unrelated to immediate revenue streams.

By Q1 2024, these efforts had already generated €1.5 million in annual savings, with a goal to break even by late 2024. The StaRUG program also secured €2.1 million in government support to cover short-time work costs, shielding the company from deeper layoffs.

Risks and Opportunities in the Balance

The Anzu deal’s success hinges on two critical factors:
1. Shareholder Confidence: The postponed vote reflects lingering concerns about the transaction’s value and Voxeljet’s long-term viability. Shareholders may demand clearer visibility into the company’s post-sale strategy, particularly its ability to capitalize on trends like localized supply chains and circular economies.
2. Regulatory and Market Conditions: The deal requires foreign investment clearance in Germany, which could face scrutiny given Voxeljet’s role in strategic industries. Meanwhile, demand for industrial 3D printing remains tied to broader economic health, with automotive and aerospace sectors still navigating post-pandemic volatility.

Strategic Shifts and Industry Context

Voxeljet’s restructuring emphasizes a pivot toward service-oriented business models, such as on-demand printing and collaborative projects with industry partners. This aligns with a broader shift in additive manufacturing toward just-in-time production and reduced waste. The company’s leadership, including CEO Rudolf Franz and Anzu’s Whitney Haring-Smith, has emphasized leveraging voxeljet’s large-format printing expertise to serve high-growth markets.

Conclusion: A Fragile Path to Stability

Voxeljet’s future remains tied to two interdependent outcomes: the approval of the Anzu transaction and the efficacy of its StaRUG-driven restructuring. The deal’s €20 million valuation reflects both its technological assets and the risks of an uncertain market. While the restructuring has reduced costs and preserved skilled labor, the company still faces challenges:

• Financial Metrics: To achieve its break-even goal by late 2024, Voxeljet must sustain annual savings of at least €1.5 million and grow revenue from high-margin services.
• Market Positioning: Its large-format printers—capable of producing parts up to 4 meters in size—are in demand for aerospace and automotive applications. However, competitors like 3D Systems and HP Inc. are also expanding in this space.
• Strategic Synergy: Anzu’s resources could help Voxeljet scale its service offerings and access new markets, but execution will determine success.

Investors should weigh the €1.7 million cash component of the Anzu deal against the risks of a prolonged sale process and regulatory hurdles. With the General Meeting delayed but not canceled, Voxeljet’s path forward depends on transparent communication, shareholder trust, and the resilience of its core technology. For now, the company’s survival rests on navigating this crossroads with precision.