12/23/2024 17:05:00 CET, Reutlingen The German high-tech engineering company Manz AG, based in Reutlingen, has filed for insolvency proceedings at the Stuttgart District Court. By order of December 20, 2024, attorney Martin Mucha of the Germany-wide law firm GRUB BRUGGER was appointed as the preliminary insolvency administrator.
Manz AG, a high-tech mechanical engineering company, develops best-in-class production solutions for lithium-ion batteries and electronic components and devices for its customers in the automotive and e-mobility, electronics, energy and battery manufacturing sectors. In view of the original market expectations for e-mobility, the company built up expertise at an early stage and invested in the expansion of capacities and technologies, particularly for battery cell production. Particularly in Europe, the expected market potential has not materialized as expected, with major international manufacturers postponing or canceling investments. For Manz, this meant that the high investments in technology and innovations could not be offset by corresponding revenues. In the coming days, a structured process will be launched that includes both the examination of a restructuring concept and the possible sale of parts of the company. Manz currently employs around 1,200 people worldwide, with around 400 employees at the German site. Revenues of around €170 to 180 million are planned for the current fiscal year. “I have informed the staff immediately about the insolvency application and announced that business operations will continue. Currently, I am getting an overview of the situation in the company together with my team,” explains the experienced restructuring expert Martin Mucha, who was appointed as the provisional insolvency administrator by the Local Court of Stuttgart.
