From FutureAZA.
Huge thanks to @BrighterwithHerbert for joining the discussion.
Follow him on X:
Tweets by herbertong
Links from today’s show:
Tesla has agreed to buy assets of embattled German engineering group Manz as the US electric vehicle maker expands its footprint in the European market despite plummeting sales in the region.
https://www.ft.com/content/cdd0b5c8-2703-4fd4-9ebf-26087cac8523
Manz AG (formerly Manz Automation) is a German multinational engineering company active in the fields of automation, laser processesing, metrology, wet chemistry and roll-to-roll processing. Manz AG bundles its activities into two reporting segments: Mobility & Battery Solutions and Industry Solutions. The focus in the Mobility & Battery Solutions segment is on intelligent production solutions for highly efficient lithium-ion batteries. The Industry Solutions reporting segment is responsible for assembly and production solutions for electronic components and devices, power and consumer electronics, and components for the electric powertrain.
https://en.wikipedia.org/wiki/Manz
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 Cartel Office under merger control law. It should also be noted that neither Tesla Automation nor Manz has disclosed the price of the agreement.
Tesla Automation acquires insolvent German supplier Manz AG’s assets
Manz AG corporate site, what they do, and who they are
https://www.manz.com/us/en/
You can support even better content creation at https://www.Patreon.com/FutureAzA, by becoming a YouTube channel member here: https://www.youtube.com/@FutureAzA/join, or subscribing on X.com here: https://www.Twitter.com/FutureAzA. You can also use my Tesla referral to save big and help the channel. https://www.tesla.com/referral/brian684642.
#Tesla #TSLA #EVs
