Tesla Automation GmbH, a subsidiary of U.S. electric vehicle giant Tesla Inc., has signed a deal to acquire key assets of insolvent German automation systems supplier Manz AG.
The Local Court of Stuttgart opened insolvency proceedings about the assets of Manz AG on Monday.
The Tesla Automation agreement:
- As per the purchase agreement, Tesla Automation will be taking over more than 300 Manz employees and movable assets at the German supplier’s Reutlingen site.
- Tesla Automation will also be using the Manz company property in Reutlingen, as noted in a press release.
- The completion of the purchase is still subject to the approval of the German Federal…
