SOURCE: AMG Advanced Metallurgical Group N.V.

May 08, 2008 16:14 ET

AMG Subsidiary Announces Second Solar Grade Silicon Supply Agreement With Solar Power Industries, Inc.

AMSTERDAM, NETHERLANDS--(Marketwire - May 8, 2008) - AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announced that its 50.5% subsidiary Timminco Limited (TSX: TIM), has announced that its wholly-owned subsidiary, Bécancour Silicon Inc. ("BSI"), has signed a second agreement to supply solar grade silicon to Solar Power Industries, Inc. In its press release, Timminco stated:

Bécancour Silicon Inc. ("BSI"), has signed a second agreement to supply solar grade silicon to Solar Power Industries, Inc. ("SPI") based in Belle Vernon near Pittsburgh, Pennsylvania. SPI was BSI's first long-term solar grade silicon customer, having entered into its initial supply agreement with BSI in March 2007. SPI was BSI's largest customer in 2007.

The initial supply agreement anticipates shipments of solar grade silicon in excess of 4,000 metric tons over its initial period of 5 years. Under this second supply agreement, SPI has committed to purchase an additional 3,000 metric tons per year from 2010 to 2015.

"We are very happy to have SPI as a strategic partner in the development of our solar silicon business and this second contract with SPI further corroborates the value proposition we bring to our customers." said Mr. René Boisvert, President and CEO of BSI. "SPI has had extensive experience with our solar grade silicon, having shipped their products using our material for over one year."

About AMG

AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG has two operating divisions of businesses, Advanced Materials and Engineering Systems, and owns a majority interest in publicly-listed Timminco Limited (TSX: "TIM").

The Advanced Materials Division develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, used by steel, aluminum, chemical and superalloy producers for aerospace, automotive, energy, electronics, optics, chemicals, construction and other applications. Other key products produced by AMG include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. AMG is a global leader in supplying technologically-advanced vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. Examples of furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, vacuum precision casting, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis to customers through facilities equipped with vacuum heat treatment furnaces.

Timminco Limited is a majority controlled, publicly-listed subsidiary of AMG. Timminco is a leader in the production of upgraded metallurgical silicon for the rapidly growing solar photovoltaic energy industry. Timminco also produces silicon metal and magnesium products for use in a broad range of industrial applications.

AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, Canada, Mexico, Brazil and Australia and also has sales and customer service offices in Belgium, Russia, China and Japan (website: www.amg-nv.com).

Disclaimer

Certain statements in this press release are not historical facts and are "forward looking". Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. These forward looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions or circumstances on which any forward looking statement is based.

Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • For further information please contact:

    AMG Advanced Metallurgical Group N.V.
    +1 610 975 4901
    Jonathan Costello
    Director of Corporate Communications
    Email Contact


    Timminco Limited
    +1 416 364 5171
    Robert Dietrich
    Executive Vice President and CFO
    Email Contact