09:05 AM EST, 02/25/2025 (MT Newswires) -- Tesla (TSLA) is acquiring parts of German engineering company Manz, which is undergoing insolvency proceedings.

Under a purchase agreement signed Monday, the company's subsidiary Tesla Automation, which operates in three locations in Germany, will use a Manz property in Reutlingen, where it has plans for future operations, according to a statement Tuesday from Manz.

Tesla Automation will also acquire more than 300 employees at the site and movable assets.

Financial details were not disclosed. The completion of the transaction is still subject to regulatory approval.