Last month, ATW (Assembly & Test Europe GmbH), a company based in the German town of Neuwied which makes modern battery assembly outlines, was rocked by news that it had been facing closure due to the impacts of the pandemic. The statement was related by Udo Panenka, also a managing director from ATW’s parent company, the Canadian ATS group. The information hit ATW such as a bomb, even since the company had been working as a profitable provider for clients such as BMW and Daimler.
Things took an interesting turn at the end of September, when local reports suggested that there may be no hope for ATW and its pool of 210 highly-skilled workers yet. As per a report by RZ information, serious negotiations were underway with a business which might well save the German battery assembly maker . ATW’s management and works council, for their own part, declined to comment further on the reported takeover plans.
The identity of this mysterious company that would save ATW from closure was revealed recently, according to information from local information outlet The European. The book mentioned that the battery assembly maker is being taken over by none apart from American electrical automobile maker Tesla, which is currently seeking to ramp its efforts to create its own battery cells due to its vehicles and energy solutions.
(adsbygoogle = window.adsbygoogle || []).push({});
With Tesla coming to the picture, the impending closing of ATW was taken off the table. All 210 jobs in the firm would also be maintained, which ought to give Tesla and its German workforce that a remarkable boost considering the caliber of ATW’s engineers. Contemplating that ATW was on the way towards bankruptcy as it was obtained, speculations indicate that Tesla may have received a very good bargain in the purchase.
Reports suggested that ATW’s business partners had received notifications on Tuesday the company had agreed to be taken over by a manufacturer of electrical vehicles from California. Tesla wasn’t specifically named in the communicating, however word quickly got around in the business. A toast in ATW’s Neuwied site was held Friday as well, in favor of their takeover from Tesla.
Tesla’s purchase of ATW could be regarded as a huge win for the two businesses. Prior to its unfortunate run-in with the pandemic that led to a steep decrease in orders, ATW had been a highly lucrative business that produced transmission gathering lines for Magna and state-of-the-art battery assemblies for BMW and Daimler. Tesla, for its part, needs highest talent such as well-trained battery engineers and skilled employees as it expands its presence in the area with Gigafactory Berlin.
The post Tesla saves battery assembly company from bankruptcy in new acquisition: record appeared first on TESLARATI.
Article Source and Credit teslarati.com https://www.teslarati.com/tesla-acquires-atw-battery-production-line-maker/ Buy Tickets for every event – Sports, Concerts, Festivals and more buytickets.com
Leave a Reply
You must be logged in to post a comment.