bm|t acquires stake in Cordus GmbH
bm|t beteiligungsmanagement thüringen gmbh – a subsidiary of Thüringer Aufbaubank – invests EUR 2 million of start up financing in recently founded Cordus GmbH in Mühlhausen / Thuringia. The transaction is funded by PET – Private Equity Thüringen GmbH & Co. KG and managed by bm|t.
“Crucial factors of our investment decision were the trendsetting technology, the close co-operation with universities and laboratories as well as the competence and industry know-how of the company founder,” Dr. Guido Bohnenkamp, General manager of bm|t said.
Cordus GmbH is a young high-tech company that develops and produces glass fibres and glass cords for the automobile and security industry. Glass cords are thin glass fibres that are woven to form a twisted yarn. Therefore Cordus together with universities has developed a new process using nano technology. The result are glass cords with – compared to today’s products – extremely improved product characteristics. The new product will be used e.g. for timing belts in the automobile industry or for pressing belts in the paper industry.
Production is expected to start in early 2008 with 16 employees.
Dr. Walter Terschüren
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