Insolvency Manz AG Successfully Completes Sale

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Manz AG has successfully completed the sales of Tesla Automation, Greatech and the management buy-out for the Asian subgroup.

On February 24, 2025, the Local Court of Stuttgart, Germany, opened insolvency proceedings for the assets of Manz AG, a developer of production solutions for lithium-ion batteries, electronic components and devices in the automotive and e-mobility, electronics, energy and battery manufacturing sectors, and appointed attorney Martin Mucha from the law firm Grub Brugger as insolvency administrator. The sale of three subsidiaries and investments of Manz AG has already been successfully completed.

The closing conditions of the purchase agreement signed by the insolvency administrator of Manz AG and Tesla Automation GmbH on February 24, 2025 were all fulfilled by the end of February 2025, so that the closing of the transaction could be implemented as planned on March 1, 2025. Tesla Automation GmbH, based in Prüm, a subsidiary of the US manufacturer Tesla, Inc.(USA), has already moved into Manz's site in Reutlingen. Tesla Automation took over around 300 employees and had acquired parts of the movable tangible and intangible assets.

The second transaction relates to the sale of shares in Manz Slovakia s.r.o., based in Nove Mesto nad Vahom (Slovakia), a subsidiary of Manz AG, to Greatech Technology Berhad (Malaysia) in the form of a share deal. Greatech Technology Berhad, a listed company based in George Town, Pulau Pinang, (Malaysia), is an investment holding company and offers automation solutions in the areas of design, development and production of systems, machines and equipment as well as engineering services via its subsidiaries. The notarized purchase agreement for the acquisition of 100% of the shares was signed on February 28, 2025. Upon completion of the purchase agreement, Greatech took over around 240 employees from Manz Slovakia on April 8, 2025 and has since continued the business operations, which focus on contract manufacturing for the semiconductor, medical and packaging sectors.

The closing of the Hong Kong-based subgroup Manz Asia Ltd., which was sold as part of a management buy-out, was also successfully completed on April 16, 2025. The insolvency administrator had concluded a purchase agreement with the managing director of the subsidiaries in China and Taiwan, Mr. Robert Lin, on February 28, 2025. The purchase agreement was still subject to conditions precedent, which have now been fulfilled. The subgroup Manz Asia Ltd. based in Hong Kong (China) comprises the subsidiaries Manz China Suzhou Ltd (Suzhou, China), Manz Chungli Ltd (Chungli, Taiwan), Manz Taiwan Ltd (Chungli, Taiwan) and Manz India Private Ltd (New Dehli, India).

The companies in Taiwan and China are the Manz Group's production, development, sales and service locations, while customers in India are served locally with sales and services. The technological focus of Manz's Asian business is on solutions for semiconductor production, including the FOPLP (Panel Level Packaging) process, TGV (Through Glass Via), innovative digital printing solutions and contract manufacturing.

The respective sales proceeds were added to the insolvency estate of Manz AG. The parties have agreed not to disclose the purchase prices.

Options are being examined for the remaining subsidiaries in Italy and the USA, with the result that Manz AG will be left without an operating business or operating investments and will be wound up as part of the standard insolvency proceedings.