A subsidiary of electric vehicle manufacturer Tesla has agreed to acquire a portion of the financially distressed German machine manufacturer Manz, thereby preserving over 300 jobs. The acquisition includes approximately 300 employees and associated facilities located in Reutlingen, near Stuttgart. The purchase agreement was signed between Tesla Automation GmbH and the insolvency administrator, Martin Mucha, as confirmed by Mucha.
Details regarding the sale price have not been disclosed and will be included in the insolvency estate. Martin Mucha expressed relief and satisfaction with the successful negotiations with Tesla, emphasizing the importance of retaining numerous jobs and providing affected employees with continued employment opportunities within Tesla, a leading name in the electric mobility sector.
Tesla Automation GmbH, which operates in the special machinery manufacturing sector, currently has three locations and plans to add Reutlingen as a fourth site. Approximately 100 Manz employees who will not transition to Tesla Automation will be offered placement through a transfer company, aimed at minimizing the social impact of job losses.
Manz has reported serving clients in the automotive industry and battery production. However, expected revenues from the electric mobility sector did not materialize as anticipated, leading the company to file for insolvency in December of the previous year due to financial insolvency and over-indebtedness. The company, previously listed on the stock exchange, is now undergoing gradual liquidation, with former shareholders likely facing financial losses.
Globally, Manz employed around 1,200 individuals as of December, including approximately 400 in Germany. In 2023, the company reported revenues of approximately 250 million euros but had been operating at a loss in recent years.
Source: FAZ
