The new plant in Canton is to be realized in partnership with the Chinese company Neo Neon.

The first half of 2004 closes with a double-digit growth of the consolidated turnover.

The Targetti Group and the Chinese company Neo Neon, one of the principal producers of lighting fixtures with LED technology, have signed a partnership agreement for the construction of the first plant for the production of Targetti-brand lamps at Canton.

The agreement just concluded between the two companies envisages a total initial investment of 1.7 million Euro, of which 55% percent are to be financed by Targetti.

The investment envisages the construction before the end of the year of an establishment for the production and sale of products bearing the Targetti mark. The establishment is to be situated in the neighbourhood of Canton.

Already at the beginning of 2004, the Targetti Group and the Chinese Neo Neon Group had signed a strategic partnership agreement that provided for the spin-off by Targetti North America Inc., a wholly controlled subsidiary, of their Tivoli-brand products in the cinema and theatre lighting sector and their conferment to a company newly constituted under the name of Tivoli LLC and controlled by Targetti North America and Neo Neon on a 50/50 basis.

“Following our latest commercial successes and our good results achieved from the joint venture Hangzhou Duralamp, a firm operating in the production of components for lamps,– affirmed Lorenzo Targetti, the Group’s Managing Director - we have decided to consolidate our presence on Chinese territory by opening an other production plant and thus confirming our intention to invest in a country that is offering us ever greater opportunities for both internal and external lighting”.

“With this new plant – Lorenzo Targetti went on – over and above consolidating our partnership with a Chinese enterprise and world leader in its sector like Neo Neon, we also expect a positive impact on the sale of our products, thank to the improvement in our competitiveness on the local market”.

“The data concerning the first half of 2004, that confirm the double-digit turnover growth as compared with last year despite our reference market remains still stagnant–as Lorenzo Targetti concluded–they make us optimistic as regards the choices carried out by Group during last period”.

Neo Neon Ltd., a Chinese undertaking with headquarters at Canton, have grown in the course of the last twenty years of activity to the point of becoming one of the world’s leading producers, with an integrated production capacity of lighting systems based on LED technology, starting from the production of individual elements right through to the design of entire decorative lighting plants.

The Targetti Group, with headquarters in Florence, are one of the leading protagonists in the sector of architectural lighting for both interiors and exteriors. The group companies produce and market sophisticated equipment – a perfect synthesis of technology and design – that illumines important works of art, including Michelangelo’s David, Leonardo da Vinci’s Last Supper and the Roman National Archaeological Museum and finds application in wide variety of different environments, among them Piazza della Scala in Milan, Amsterdam’s railway station, the Bilbao Underground, the showrooms of Bulgari, Benetton, Bang & Olufsen, Alfa Romeo and Peugeot and, not least, West McLaren Mercedes Technology Centre. 

Contact: Massimiliano Parboni
                Giovanni Sanfelice
                Barabino&Partners
                Tel.: 06/679.29.29