United States electric vehicle manufacturer Tesla plans to acquire parts of the insolvent German engineering company Manz AG. According to Manz, the purchase also includes the transfer of more than 300 employees at the Reutlingen site in Baden-Württemberg. The closing of the transaction is subject to merger control approval.
Ongoing talks with other interested parties
The acquisition will be carried out by Tesla Automation GmbH, a German subsidiary of the U.S. company dealing with special-purpose machinery. In addition to the employees, Tesla will also take over movable assets and receive rights of use to the property in Reutlingen. Approximately 100 employees will not be taken over by Tesla. Meanwhile, Manzʼs insolvency administrator is continuing the structured sale process for other assets and claims to be currently in talks with other interested parties.
