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8th January 2018, Berlin

Berlin intervenes in Cotesa buy-out

The German Ministry for Economic Affairs and Energy has put the brakes on the proposed acquisition of Cotesa – the Mittweida-headquartered manufacturer of aerospace composites for aircraft makers such as Airbus and Boeing – by a subsidiary of the state-run China Iron & Steel Research Institute Group.

The intervention by Berlin follows a new law introduced last year in Germany giving the government greater powers to block Chinese acquisition in strategic economic sectors.

This follows the concern over the €4.5 billion takeover of Kuka, Germany’s largest manufacturer of industrial robots, by Chinese appliance maker Midea two years ago and fears that two much new German technology is being moved out of the country.

A ministry spokesman confirmed it was investigating if the deal complies with Germany’s law on foreign trade.

At two locations with more than 600 employees, Cotesa develops and manufactures customised solutions for components and assemblies. Its focus is on complex CFRP components such as profiles and stiffeners, multi-dimensional GRP sandwich structures and hybrid components such as drive shafts. Cotesa is also involved in the production of A400M fixed-wing military transport aircraft.

The proposed deal was valued at between €100-200 million.

 

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