Greatech Technology Berhad takes over Manz Slovakia
Manz AG is selling its subsidiary in Slovakia. To this end, the Reutlingen-based engineering company concluded a purchase agreement with Greatech Technology Berhad (Malaysia) on February 28 to acquire the shares in Manz Slovakia s.r.o.
Manz AG announced this in a press release last Friday afternoon.
Greatech Technology Berhad is a listed investment holding company based in George Town, Pulau Pinang, (Malaysia). According to Manz, the company offers automation solutions in the areas of design, development and production of systems, machines and equipment as well as engineering services via its subsidiaries.
Continuation of business operations
The proceeds from the sale of the shares in the Slovakian Manz subsidiary are to flow into the insolvency estate of Manz AG. The press release also states that the continuation of business operations in Slovakia is planned.
According to Manz, Manz Slovakia s.r.o. has around 240 employees. According to the press release, the company is active in contract manufacturing for various industries. The focus is on the semiconductor, medical and packaging sectors.
Manz Slovakia specializes in the production of standardized and customer-specific devices. According to Manz, these devices can be used in series production as well as prototype production and the assembly of small series.
Insolvency of Manz AG
According to its own statement, Manz AG is 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. According to its press release, the company filed for the opening of insolvency proceedings on December 20.
On February 24, insolvency proceedings were opened for the assets of Manz AG. According to the company, the economically independent subsidiaries that continue to operate on the market are to be sold as part of a structured sales process.