ATS Automation signs definitive agreement to sell Precision Components Group



    TSX: ATA

    CAMBRIDGE, ON, Sept. 12 /CNW/ - ATS Automation Tooling Systems Inc. today
announced it has finalized a definitive agreement to sell the key operating
assets and liabilities of Precision Components Group ("PCG") to a group led by
current PCG management. The Company expects to complete the sale in the third
quarter of this fiscal year, upon finalization of certain regulatory and legal
matters.
    "PCG is not profitable and not strategic to the Company," said 
Anthony Caputo, Chief Executive Officer. "Its divestiture to PCG management
allows us to focus on other operations. We believe this transaction is in the
best interest of all our employees."
    The agreement includes equipment, current assets (excluding cash), trade
accounts payable and certain other assets and liabilities. The Company does
not anticipate further impairment charges on the transaction, pending
finalization of closing costs. PCG employs approximately 300 people at three
facilities, two of which are located in Canada and one in China.

    About ATS

    ATS Automation Tooling Systems Inc. provides innovative, custom designed,
built and installed manufacturing solutions to many of the world's most
successful companies. Founded in 1978, ATS uses its industry-leading knowledge
and global capabilities to serve the sophisticated automation systems' needs
of multinational customers in industries such as healthcare,
computer/electronics, automotive, energy and consumer products. It also
leverages its many years of experience and skills to fulfill the specialized
repetitive equipment manufacturing requirements of customers. Through
Photowatt Technologies, ATS participates in the growing solar energy industry
as an integrated manufacturer of ingots, wafers, cells and modules.
Photowatt-branded products and systems serve businesses, institutions and
homeowners in established and emerging markets. ATS employs approximately
3,500 people at 21 manufacturing facilities in Canada, the United States,
Europe, Southeast Asia and China. The Company's shares are traded on the
Toronto Stock Exchange under the symbol ATA. Visit the Company's website at
www.atsautomation.com.

    Note to Readers

    This press release contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of ATS, or developments in ATS's business
or in its industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action.
Forward-looking statements may also include, without limitation, any statement
relating to future events, conditions or circumstances. ATS cautions you not
to place undue reliance upon any such forward-looking statements, which speak
only as of the date they are made. Forward-looking statements relate to, among
other things, expected completion of the PCG sale and timing thereof. The
risks and uncertainties that may affect forward-looking statements include,
among others, exercise by one party of a right to terminate the transaction,
failure of a party to meet closing conditions, delays or failure in obtaining
all necessary approvals and consents, and other risks detailed from time to
time in ATS's filings with Canadian provincial securities regulators,
including ATS's Annual Report and Annual Information Form for the fiscal year
ended March 31, 2008. Forward-looking statements are based on management's
current plans, estimates, projections, beliefs and opinions, and ATS does not
undertake any obligation to update forward-looking statements should
assumptions related to these plans, estimates, projections, beliefs and
opinions change.

    %SEDAR: 00002017E




For further information:

For further information: Maria Perrella, Chief Financial Officer, Carl
Galloway, Vice President and Treasurer, (519) 653-6500


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890