© manz Electronics Production | September 30, 2020
Manz inks LOI with TE for follow-up order of a production line
Manz has signed a letter of intent (LOI) with automotive supplier TE Connectivity for a follow-up order in the lower double-digit million-euro range.
TE had already ordered a fully integrated production line for the automated assembly of cell contacting systems in 2018 and now plans to further expand the cooperation. The final contract award is expected in the fourth quarter of 2020. Most of the order will be recognised in revenue and earnings in fiscal year 2021, the company says in an update. Cell contacting systems are a central component of the e-power train of electric cars and plug-in hybrids. They connect individual battery cells to form battery modules, take care of current collection and various sensor functions for battery management, such as temperature and voltage measurement. Depending on their size and capacity, several battery modules are integrated and interconnected in a battery-powered electric car – each module has its own cell contacting system. “We are very pleased that we have been able to convince TE Connectivity of our capabilities over the past two years, and that we will be able to continue the excellent cooperation in future projects. The dynamics of electromobility are now increasingly picking up speed, and for us there is enormous growth potential in the electronics and energy storage segments. With more than 30 years of experience in assembly automation and battery production, we are very well positioned in the market,” says Martin Drasch, CEO of Manz AG, in the press release.