Mechanical engineering company Manz: Tesla subsidiary buys part of insolvency
A subsidiary of the electric car manufacturer Tesla wants to take over more than 300 employees from the insolvent mechanical engineering company Manz as well as corresponding facilities in Reutlingen near Stuttgart in Swabia. A corresponding purchase agreement between Tesla Automation GmbH and the insolvency administrator has been signed, insolvency administrator Martin Mucha announced.
No information was given about the sales price in the announcement. It will be added to the insolvency estate.
Mucha said that they were happy to have successfully concluded the negotiations with Tesla, to have saved many jobs and thus to have given employees a professional future in what is probably the best-known automotive company in the field of electromobility.
The Tesla subsidiary is active in the field of special machine construction and currently has three locations. Another is to be added in Reutlingen in the future. The approximately 100 departing Manz employees who do not move to Tesla Automation GmbH will be offered the opportunity to transfer to a transfer company in order to cushion the social disadvantages of losing their jobs as best as possible.
Shareholders are likely to come away empty-handed
Manz says it supplies customers from the automotive industry and battery production, among others. Expected sales in the field of electromobility did not materialize as expected. As a result, an application for insolvency was filed in December of last year due to insolvency and excessive indebtedness under insolvency law. The once listed company is now being gradually wound up. Former shareholders will probably come away empty-handed.
According to its own information from December, Manz employs around 1,200 people worldwide, including around 400 in Germany. In 2023, the company generated sales of around 250 million euros, but Manz has been in the red in terms of earnings in recent years.
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Mechanical engineering company Manz: Tesla subsidiary buys part of insolvency, source
