Tesla Automation GmbH, a subsidiary of Tesla Inc., has reached an agreement to purchase assets from the German technology company Manz AG. The deal includes the acquisition of Manz’s Reutlingen facility and over 300 employees.
Details of the Acquisition
The acquisition is subject to clearance from the German Federal Cartel Office under antitrust regulations. Although the purchase price has not been disclosed, the deal is expected to contribute to Tesla’s continued growth and expansion in the automation sector.
Background on Manz AG
Manz AG, a leading provider of production solutions for lithium-ion batteries and electronic components, has initiated insolvency proceedings following a ruling by the Local Court of Stuttgart. As a result, the company will cease operations and liquidate its assets, affecting approximately 100 employees. However, those not moving to Tesla Automation will be offered support through a transfer company to ease their transition.
Statement from Tesla Automation
“We are gaining qualified employees with a high level of expertise in high-tech mechanical engineering,” said Managing Director at Tesla Automation, Lothar Thommes. “The Reutlingen site is an ideal complement to the continued successful implementation of our global automation projects in the Tesla Group. We are very pleased to be realizing future innovations there.”
Manz AG’s Business and Operations
Manz AG specializes in creating production solutions for various industries, including:
- Automotive and e-mobility
- Electronics
- Energy
- Battery manufacturing
The company employs approximately 1,200 people and operates production facilities in:
- Germany
- Slovakia
- Italy
- Mainland China
- Taiwan
Additionally, Manz AG has sales and service offices in the USA and India.
Tesla’s Financial Performance
Tesla reported fourth-quarter revenue of $25.71 billion, up 2% year-over-year. Automotive revenue totaled $19.8 billion in the fourth quarter, down 8% year-over-year.
Current Market Trends
TSLA shares are currently trading lower by 9.74% at $298.05.
About Tesla and Manz AG
Both companies are leaders in their respective fields, with Tesla focusing on electric vehicles and clean energy solutions, and Manz AG specializing in production solutions for lithium-ion batteries and electronic components. The acquisition is expected to enhance Tesla’s automation capabilities and contribute to the company’s continued growth and innovation.