AUTEV AG
AUTEV AG announces one of the company’s largest contracts to date as well as opening up of the east European markets
AUTEV AG / Key word(s): Miscellaneous AUTEV AG announces one of the company's largest contracts to date as well as opening up of the east European markets – Successful closing of contract in the Czech Republic – Total contract volume circa EUR 8.4 million – Growth strategy working; opening up of the eastern European markets Brandenburg an der Havel, December 12, 2011 – On December 7, 2011, in the historical settings of the Waldstein Palace, in Prague, the seat of the Czech Republic's Parliament; important new foundations were laid for the further successful business development of the AUTEV AG. Contracts for a future joint venture of the AUTEV AG together with the Industrial Light & Control a.s. for a total volume of approximately EUR 8.4 million were signed in the company of senior political representatives. The contracts covered the development and delivery by the AUTEV AG of a complete production plant for a variety of AUTEV LED-lighting products as well as the regulation of the terms for a joint cooperation in the areas of research and development. As a result of this, the AUTEV AG will also design and deliver a state of the art research and development laboratory for use in the area of energy efficiency. Both projects are expected to be realized in 2012. In addition to the delivery of the necessary machinery, equipment, and the required licenses; the AUTEV AG will also be responsible for the complete training and qualification process of the personnel.
The negotiations for the joint venture took approximately 9 months, and were done with the active participation by CzechInvest – the investment promotion agency for the Czech Republic Ministry of Trade and Commerce. As a result, the project was able to secure comprehensive support via both state and EU subsidies. The joint venture was also met with positive response both on the political as well as economical level in keeping with the declared desire on the part of the Czech Republic to increase energy efficiency. As a result, the announced project was welcomed by the Czech Senator Miroslav Krejca, who also pointed out the extreme demand backlog in this area, making additionally clear the enormous growth potential in this business sector. Furthermore, the city of Pisek, as headquarters for the factory and the research center, will be further strengthened by the creation of the new highly innovative jobs required for the project. Senator Miroslav Krejca knows exactly what he is talking about, for in addition to his membership in the Czech Senate's Energy Subcomittee, he is also active in the EU in this field as well.
'We are extremely pleased to have won Industrial Light & Control a.s. as a regional partner and we will develop an entire line of new products within the framework of our research and development cooperation that are specially tailored to the east European markets. The joint venture with the Industrial Light & Control a.s. is an important milestone in the opening up and developing of the east European markets and a result of the ongoing implementation of our growth strategy.', according to Uwe Maiberg, Chairman of the Board of the AUTEV AG.
About AUTEV AG Additional information about AUTEV AG can be found at www.autev.de
End of Corporate News 12.12.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
149409 12.12.2011 |