Glimmer of hope Tesla subsidiary buys parts of the insolvent machinery manufacturer Manz

Source: dpa | Translated by AI 1 min Reading Time

A subsidiary of electric car manufacturer Tesla intends to take over more than 300 employees from the insolvent machinery manufacturer Manz, along with operating resources, as reported by the dpa.

The automotive supplier Manz is known to be insolvent. However, there is now a glimmer of hope for 300 of the approximately 400 employees, as Tesla Automation wants to buy parts of the Reutlingen company...(Image: Manz)
The automotive supplier Manz is known to be insolvent. However, there is now a glimmer of hope for 300 of the approximately 400 employees, as Tesla Automation wants to buy parts of the Reutlingen company...
(Image: Manz)

A corresponding purchase agreement between Tesla Automation GmbH and the insolvency administrator of Manz has reportedly already been signed. No details about the sale price were disclosed in the announcement, as is often the case. It will flow into the insolvency estate. All parties are glad that the matter has been brought to an apparently good conclusion. The Tesla subsidiary operates in the field of special-purpose machinery and currently has three locations, as further learned. In the future, another location is to be added in Reutlingen. The approximately 100 departing Manz employees who did not transfer will be offered transition to an interim company to best mitigate the social disadvantages of losing their jobs. However, former shareholders in the automotive supplier Manz will likely come away empty-handed.

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