CAMBRIDGE, ON, Jan. 7, 2009 /CNW/ - ATS Automation Tooling Systems Inc.
("ATS") has finalized the previously announced sale of the key operating
assets and liabilities of Precision Components Group ("PCG").
The purchaser satisfied a portion of the purchase price by issuing
promissory notes to ATS and the balance was paid in cash. PCG employs
approximately 300 people at three facilities, two of which are located in
Canada and one in China. The transfer of PCG's Chinese operations remains
subject to receipt of approvals from the Chinese government, which are
expected in the first quarter of calendar 2009. Pending receipt, a portion of
the total purchase price allocated to the Chinese operations is being held in
"The divestiture of PCG, to a group led by PCG management, is consistent
with our stated strategy and allows ATS to continue to focus on strategic
operations," said Anthony Caputo, Chief Executive Officer. "We believe this
transaction is in the best interests of all ATS employees and shareholders."
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, 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
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
3,100 people at 18 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
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, the expectation of approvals from the Chinese government and
timing thereof. The risks and uncertainties that may affect forward-looking
statements include, among others, 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.
For further information:
For further information: Maria Perrella, Chief Financial Officer, Carl
Galloway, Vice-President and Treasurer, (519) 653-6500