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Nano Dimension Provides Corporate Updates
July 8, 2019 | Globe NewswireEstimated reading time: 1 minute
Nano Dimension Ltd. has announced several corporate updates.
Since Nano Dimension introduced the DragonFly Pro to the electronics market six quarters ago, the company successfully built a global reseller channel and delivered dozens of systems to end users printing thousands of PCBs. Working closely with key aerospace, defense and consumer electronics customers, it is becoming increasingly clear that 3D printed electronics is a transformative force in the electronic industry and one of the highest growth potential segments within the additive manufacturing market.
“In the coming weeks, after a year of extensive product development in close cooperation with select customers, the company plans to launch a new system within the DragonFly family. This new 3D printer delivers substantial performance improvements and mission critical features that were developed in direct response to customer needs,” said Amit Dror, CEO of Nano Dimension. “The new system is expected to significantly increase the value for our existing and targeted customers and fuel further revenue growth as we expand our end user universe and use cases,” continued Dror.
Concurrent with the eminent product launch mentioned above, the company took decisive steps to reduce its operating expenses. The restructuring included a headcount reduction of approximately 20%. These actions are expected to reduce the company’s use of cash in the coming periods.
Separately, the company is announcing that Simon Fried, co-founder and former president of North America, has decided to step down from his executive role, to pursue other opportunities. Mr. Fried will continue to serve on the company’s board of directors and to advise the company to ensure a smooth transition.
“Nano Dimension plans to strengthen its efforts to accelerate the adoption of its products, with the sole purpose of expanding its customer use cases from prototyping to production,” said Mr. Dror. “We believe that the combined actions we have taken position the company’s products and structure better for sustainable growth. We strongly believe in our technology, which is second to none, and in the disruptive changes it is leading in the electronics industry,” Dror concluded.
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