TESLA AGREES TO BUY GERMAN BATT ERY ASSEMBLY MAKER

Tesla Inc has agreed to acquire German ATW Automation, a supplier assembling battery modules and packs for the auto industry, a source familiar with the transaction said Friday. ATW, a subsidiary of Canadian ATS Automation Tooling Systems Inc, was on the brink of liquidation due to a slump in orders, media reported in September. ATS on Sept. 25 announced that certain assets and employees at one of its Germany-based units would be sold and transferred to a third party, without disclosing the name of the company. ATS and ATW on Friday did not respond to a request for comment. ATW, based in western Germany, has completed more than 20 battery production lines for international automakers, according to ATS’S website. Tesla plans to ramp up battery production significantly in the coming years.