German engineering company Manz AG announced on Tuesday that it will sell its Reutlingen site to Tesla Automation GmbH, a subsidiary of Tesla Inc., for an undisclosed sum. Tesla Automation will retain over 300 Manz's workers, acquire movable tangible assets, and use the Manz company property.
"We are gaining qualified employees with a high level of expertise in high-tech mechanical engineering. The Reutlingen site is an ideal complement to the continued successful implementation of our global automation projects in the Tesla Group," Tesla Automation Managing Director Lothar Thommes said. Manz entered insolvency proceedings on Monday and intends to sell all business units, including economically independent subsidiaries.
