Tesla (NASDAQ:TSLA) acquired the key assets of insolvent German automation systems supplier Manz AG. The company struck the deal through its Tesla Automation GmbH subsidiary after the local Court of Stuttgart opened insolvency proceedings against the assets of Manz AG.

As part of deal, Tesla will acquire Manz’s more than 300 employees at its site in Reutlingen city in the southwest.

Tesla Automation GmbH (NASDAQ: TSLA) has reached an agreement to acquire Manz AG's Reutlingen facility, including over 300 employees. This deal, pending approval from the German Federal Cartel Office,

Tesla Inc. agreed to buy certain assets of embattled German automation systems supplier Manz AG, which has entered insolvency proceedings after facing a liquidity squeeze.

US carmaker Tesla has agreed to acquire assets and take over more than 300 employees from insolvent German machinery maker Manz, insolvency administrator Martin Mucha said on Tuesday. The acquisition will be made by Tesla subsidiary Tesla Automation,

U.S. carmaker Tesla will acquire parts of the insolvent German high-tech parts maker Manz AG, including more than 300 employees at its site in Reutlingen city in the southwest, the German company said on Tuesday.

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.