- March 25, 2011
PRATO, ITALY |At a luncheon meeting with Pietro Profumo (CEO) and Paolo Raugei (executive VP) of Galileo Vacuum Systems during the March 20—23 Management Meeting in Carefree, AZ, of the Assn. of Intl. Metallizers, Coaters & Laminators, Profumo revealed exclusively to PFFC that the company is “back on track, on sound financial footing, and is pursuing business opportunities that require customized technology development, particularly for applications involving photovoltaics, display and touch panel manufacturing, RFID, and thin films.”
In mid-2010 Galileo announced a joint venture, named Galileo Nanotech, between itself and Rusnano, a Russian government-owned organization with the charter of advancing Russia into the pool of world leadership in the field of nanotechnologies. The reciprocal agreement allowed for an infusion of cash to Galileo in turn for technology development at Rusnano. Profumo explains that the agreement is progressing so well that in October 2011 Galileo and Rusnano expect the joint venture’s 100,000-sq ft facility they are building together just outside of Moscow will be dedicated during a grand opening. Unlike the model some cash-inhibited companies have pursued with private equity investors, the symbiotic joint venture relationship enjoyed between Galileo and Rusnano allows for the growth of one, which, in turn, results in the growth of the other, rather than at either's expense. Profumo says the relationship is proving to be extremely advantageous for both companies.