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Shanghai firm seeks Manz鈥檚 tech prowess
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SHANGHAI Electric plans to spend up to 92.93 million euros (US$101.7 million) to buy more than a quarter of the shares in Manz, a German producer of production systems, as the Chinese company taps the latter’s smart manufacturing expertise.
The two companies signed an agreement on Sunday for Shanghai Electric to buy up to 29.9 percent of Manz’s shares via a new offering of shares, the Chinese company said in a statement yesterday.
The share purchase is set to complete in the first half of 2016.
Shanghai Electric hopes to tap the technological prowess of Manz in smart manufacturing to help upgrade automation in its production lines.
Manz, established in 1987, is a provider of electronic components and devices as well as solar and energy equipment.
Manz is facing a difficult period as it did not make a profit in 2014 and the first three quarters of 2015. In December, Manz said it planned to reduce around 10 percent of its labor force to save costs.
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