China's Advanced Technology and Materials (AT&M) has bought out German aviation materials manufacturer Cotesa following months of horse-trading and approval by Germany's Economy Ministry.
Cotesa manufactures carbon fibre components for Airbus and Boeing at two locations in Germany, with its headquarters at Mittweida in the eastern state of Saxony.
The takeover by AT&M, a subsidiary of the state-owned China Iron & Steel Research Institute Group, will give Cotesa access to the Chinese market, allowing it to supply the Commercial Aircraft Corporation of China (Comac), Cotesa chief executive Joerg Huesken said recently.
Cotesa's quest for a new strategic investor had drawn interest from 30 parties, he said. According to the German business daily Handelsblatt, which first reported the deal, AT&M is planning to construct a new plant in China.
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