Almeco-TiNOX has come into existence

The new Joint Venture in the Solar Thermal Coating Industry

Reutlingen & San Giuliano Milanese, 12^th June, 2008 - In view of the Solar fair InterSolar 2008 the German based MAGE Group and the Italian based ALMECO Group are announcing the merger of their Coating Activities in the Solar Thermal business field.

The Chairman and CEO of the Italian Almeco Group, Onorato Fiorentini, and the Managing Director of the German MAGE Industrial Group, Markus Feil, have signed today an agreement to integrate their activities in Solar Thermal Industry. MAGE Group will transfer 50% of the shares of the Munich based controlled company, TiNOX GmbH to ALMECO Group. While the Italian firm will transfer a minority share of ALMECO GmbH, established in Bernburg, Germany, to the MAGE Group.

Confidentiality has been agreed between the parties on the details of the agreement.

TiNOX is a global pioneer in the Solar Coating Technology with a history dating back to 1995 and a brand name that became a synonym for "blue absorber" coatings. Since 2003 TiNOX GmbH has been part of the Energy Technology Division of the MAGE Group. ALMECO has recently invested in the most modern production plant for high quality coatings worldwide.

Due to the agreement, TiNOX GmbH will change the name to ALMECO - TiNOX GmbH and will serve as the basis for all sales & marketing activities of both groups in the Solar Thermal field. The production sites will remain based in Munich and Bernburg. All of the commercial and marketing activities will be carried out in Munich and in San Giuliano Milanese dedicated to Italian market.

After transferring the Reflective Solar Coatings (Speculars) from ALMECO, the Joint Venture is now offering two comprehensive product lines:

VEGA energy

High reflectance materials for Thermodynamics (e.g. Solar power plants)

TiNOX - energy

Highly selective absorber coatings on copper and aluminium substrates for high quality Solar Thermo applications

In a scenery characterized by the incessant research of renewable energy sources, this important agreement has brought a new operator on a world level in the innovative coating surfaces using roll-to-roll PVD technology (Deposition in vacuum of multi-layer metallic-ceramic systems) on a large scale for the Solar Thermal and Thermodynamic Energy applications.

High energy efficiency levels, long duration, absence of emissions and guaranteed unchanged performances in the long term period: these are the pre-requisites that make Almeco-TiNOX solar thermal technology a reference standard.

"Integrating the two Group?s Solar Thermal activities, we plan to go far beyond the current product portfolio. The global sales and distribution networks as well as the joint R&D competences and knowledge promise interesting synergies for the development of future business opportunities of the Joint Venture ALMECO-TiNOX GmbH." Dr. Markus Feil, CEO of MAGE Industrie Holding AG.

"In our plant in Bernburg, Germany, we have one of the world"s most technologically advanced production lines using metal-coating systems. The acquisition of 50% of TiNOX by Almeco represents a very important step for our company - Onorato Fiorentini, Almeco"s Chairman says - Almeco-TiNOX will associate Almeco"s great production expertise and innovation character to TiNOX"s deep knowledge of the Solar Thermal market sector, of which it has been an undisputed leader for 12 years."  

TiNOX GmbH, based in Munich, Germany, has been a company in the MAGE Industrial Holding AG Group since 2003, and represents the major company of the group operating in the renewable energy sector. It develops solar energy systems and produces coatings specifically addressed to the solar thermal markets. In 1995, it introduced into the market TiNOX^®, an innovative absorbing coating for thermal solar collectors.

The Almeco Group, based in San Giuliano Milanese, Italy, has been working in the coating sector of metallic surfaces for lighting equipment for 50 years, establishing itself as a world leader though the continuous technological innovation, the quality of its products and the service. The Almeco Group has three production plants located in San Giuliano Milanese (Italy), Bernburg (Germany) and Goncelin (France) and a sales network in more than 60 countries. The company has become one of the sectors world leaders thanks to its global approach to the customer.