CAMBRIDGE, ON, March 14, 2016 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced that Anthony Caputo, the Chief Executive Officer of the Company, will be leaving the Company in February, 2017.
In connection with this, Mr. Caputo and the Company have entered into a transition agreement that, among other things, provides for continuity, an orderly transition of leadership, and that Mr. Caputo may leave earlier if a transition is completed. Mr. Caputo will remain on the Board of Directors of ATS throughout the transition. ATS will initiate a thorough search and selection process for a successor suitable to lead the Company as it continues to realize on its growth and value creation ambitions.
Mr. David McAusland, the Chairman of the Board, commented, "On behalf of the Board of Directors, I would like to thank Anthony for his contribution towards building ATS's industry leadership. Anthony and the Board will work together through the transition period to ensure that ATS continues its strategy to grow as a provider of enabling manufacturing solutions for customers across many industries."
Mr. Anthony Caputo stated, "It has been a privilege to help build this world-class company with a great team. ATS is a global leader with Fortune 500 customers and extremely talented and committed employees. ATS is well positioned to continue to execute on its growth and value creation strategy."
ATS is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services including pre-automation and after-sales services to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, chemicals, consumer products, electronics, food, beverage, transportation, energy, and oil and gas. Founded in 1978, ATS employs approximately 3,500 people at 24 manufacturing facilities and over 50 offices in North America, Europe, Southeast Asia and China.
Forward Looking Statements:
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, timing of departure of the CEO, expectations in relation to the continuity, and orderly transition of leadership contemplated by the transition agreement, Mr. Caputo remaining on the Board of Directors throughout the transition, and the Company's intention to initiate a search and selection process for a successor suitable to lead the Company. The risks and uncertainties that may affect forward-looking statements include, among others: that the CEO departs at a time other than as currently contemplated; that the transition period evolves other than as expected; that Mr. Caputo's tenure on the Board is other than what is contemplated; and that the search process produces results inconsistent with expectations; 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