German-based MAGE SOLAR converts to stock corporation

Dr. Markus Feil (left) and Norbert Philipp (right), the board members responsible for MAGE SOLAR AG and its subsidiaries

German based photovoltaic systems and components supplier MAGE SOLAR has formally completed the transfer from limited liability company (GmbH) to stock corporation (AG). Shares will be owned 100 percent by its parent company MAGE Industries Holding AG.

"Restructuring as a stock corporation is the logical step to continue the growth strategy of MAGE SOLAR and its eight national and international subsidiaries," confirms Dr. Markus Feil, CEO of MAGE SOLAR AG.

“In fiscal year 2010, MAGE SOLAR achieved sales of about $340 million and thereby recorded a year on year increase of about 106 percent. International operations generated a share of 40 percent of the total sales. At the same time, sales of photovoltaic modules increased by more than 140 percent to over 120 megawatts.”

As part of its international expansion strategy the company expanded its network into three new markets and was represented in eleven other countries besides Germany at the end of 2010. Its US operation, MAGE SOLAR USA, is headquartered in Dublin, Georgia.