Greatech Technology Berhad takes over Manz Slovakia
The 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 28 February for the acquisition of 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 through its subsidiaries Automation solutions in the areas of design, development and production of systems, machines and plants as well as engineering services.
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 the Contract manufacturing for various industries. The focus is on the semiconductor, medical and packaging sectors.
Manz Slovakia specialises in the manufacture of standardised and customised 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 20 December.
On 24 February, insolvency proceedings were opened over 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.