CAMBRIDGE, ON, Feb. 17 /CNW/ - ATS Automation Tooling Systems Inc.
("ATS" or the "Company) announced that productivity at its French
subsidiary Photowatt International (Photowatt France) has dropped in
reaction to the Photowatt France proposed restructuring plan. Actual
output in January 2011 reduced to 3 megawatts, roughly 55% of planned
output. Management is working closely with the employee works council
to address productivity. The restructuring plan, which was announced
on January 5, 2011 to the Comité d'Entreprise (employee works council),
may result in an overall headcount reduction of approximately 95 at its
facility in Bourgoin-Jallieu, France. Photowatt France plans also
contemplate that approximately 136 temporary positions may be
ATS Automation 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 life sciences,
computer/electronics, energy, automotive and consumer products. It also
leverages its many years of experience and skills to fulfill the
specialized automation product manufacturing requirements of customers.
Through Photowatt, ATS participates in the growing solar energy
industry. ATS employs approximately 3,000 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.
Notes to Readers:
This news 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: management
working closely with the employee works council to address
productivity; a restructuring plan; and potential headcount reduction.
The risks and uncertainties that may affect forward-looking statements
include, among others: general market performance including capital
market conditions and availability and cost of credit; economic market
conditions; impact of factors such as increased pricing pressure and
possible margin compression; foreign currency and exchange risk; the
availability and possible reduction or elimination of government
subsidies and incentives for solar products in various jurisdictions;
the risk that adverse employee reaction continues with corresponding
negative impact on production and the business; the risk that the
restructuring plan or other future actions taken by Photowatt would not
be sufficient to address the competitive pressures faced by Photowatt;
that potential overall headcount reduction or discontinuance of
temporary positions is other than as contemplated; and other risks
detailed from time to time in ATS's filings with Canadian provincial
securities regulators. Forward-looking statements are based on
management's current plans, estimates, projections, beliefs and
opinions, and other than as required by applicable securities laws, ATS
does not undertake any obligation to update forward-looking statements
should assumptions related to these plans, estimates, projections,
beliefs and opinions change.
SOURCE ATS Automation Tooling Systems Inc.
For further information:
Maria Perrella, Chief Financial Officer
Carl Galloway, Vice-President, Treasurer