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Tesla Acquires Germany Battery & Powertrain Assembly Line Manufacturer ATW

by Eva Fox October 02, 2020

Tesla Acquires Germany Battery & Powertrain Assembly Line Manufacturer ATW

Tesla may have acquired a company that manufactures powertrain and battery assembly lines in Neuwied, Germany.

ATW's 210 employees in Neuwied had to be let go due to the impact of COVID-19 on the company. But, according to exclusive information from TheEuropean, a takeover deal was signed by a global industry leader in Silicon Valley, preventing layoffs.

Earlier this week, ATW's business partners received notice that the company would be taken over by the California-based electric vehicle manufacturer. Although the notice did not indicate that it was Tesla, everything pointed to this, reported TheEuropean.

It was announced that all 210 jobs at the company in the north of Rhineland-Palatinate will be retained. ATW is a functioning company that can get started quickly. Consequently, the takeover will be a good deal for Tesla, which is currently expanding in Germany.

ATW manufactures transmission and battery assembly lines that fit well with Tesla's planned operations. The company has well-trained engineers and skilled workers with experience. This created a win-win situation for both sides.

 


At the moment, the report of the ATW acquisition was neither confirmed nor refuted by its Canadian parent company, Automation Tooling Systems Inc. (ATS). Back on September 25th, ATS announced that they had entered into a "conditional agreement" to sell special shares in the company and hire employees from a subsidiary located in Germany. The financial terms of the deal were not disclosed.

© 2020, Eva Fox. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter

 








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