Manz, which employs around 1,200 people, has revised its earnings forecasts multiple times in 2023. As of early December, it anticipated annual sales between €170 million ($187 million) and €180 million ($198 million), significantly lower than the €250 million ($275 million) reported the previous year. The estimated operating loss lies between €30 million ($33 million) and €35 million ($38 million), along with additional write-downs. The CEO position changed hands in the summer of 2023, while company founder Dieter Manz still holds approximately 19% ownership.
Manz encountered severe obstacles in the display equipment market, where it lost competitiveness to lower-cost Asian producers. In solar production equipment, the company faced weakened global subsidies and intense price competition, and technological improvements were not enough to counter an unfavorable market environment. The electric vehicle battery equipment segment experienced rising competition and volatile demand, compounded by the bankruptcy filing of a major European battery manufacturer that disrupted the industry.
Manz also carried substantial debt due to its large-scale expansion in renewable energy. When banks withdrew financial support and talks with potential investors failed, the company faced a critical liquidity shortfall days before the Christmas break.
Among other things display, Manz specializes in wet chemical processes for display production, including cleaning substrates, developing photoresists, and etching fine structures on LCDs, touch sensors, and OLED panels. The company also provides fully automated systems for loading and unloading in-line sputter systems, laser-cutting glass substrates, and conducting in-line inspections, all designed for clean room environments.
