ATS Appoints Veteran French Energy Industry Executive as CEO of Photowatt |
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ATS Automation
730 Fountain St. North
Cambridge, ON, N3H4R7
Canada
Press release date: September 10, 2007
- Brings 30 years' experience to new post, including renewable energies
- Appointment critical next step in strengthening solar business for spin out
CAMBRIDGE, ON, Sept. 10 - ATS Automation Tooling Systems Inc., today announced it has hired a highly experienced French energy industry executive to the position of Chief Executive Officer of Photowatt, the Company's solar business.
Until his previous employer has made accommodations (a requirement under French employment law), the name of the new Photowatt CEO cannot be announced. However, in the interim, ATS felt it was appropriate to inform shareholders of this important development, which is a pivotal next step in strengthening Photowatt prior to its spin out. As previously disclosed, the spin out is expected in the Spring of 2008 and is subject to ATS shareholder approval, expected in early 2008.
The new Photowatt CEO has more than 30 years of experience in the energy industry, including executive leadership of a public company. His experience spans renewable energy, manufacturing, marketing, sales and distribution. He has an MBA and trained as an engineer.
"We set a very high standard in our search and we have been extremely fortunate to have secured such a high quality person to lead Photowatt," said ATS President and CEO Ron Jutras. "Number one, he has experience in growing a company and positioning it for a successful transition to the capital markets. This knowledge will be invaluable to Photowatt now, during the lead up to its spin out, and long term as a standalone, public company. Two, he understands the energy industry based on 30 plus years of experience. Three, he has the substantial marketing, sales and business leadership skills that we identified as crucial to the ongoing development and strengthening of Photowatt. We're delighted he has agreed to join us."
The new CEO will be based at Photowatt's headquarters near Lyon, France where he will direct Photowatt's growth, product development and expansion.
Recruiting an experienced, French-based CEO for Photowatt meets one of ATS's key objectives this year in its aggressive program to strengthen its solar division. This hiring follows a number of other improvements made in the past few months including securing several long-term silicon supply agreements with industry leaders to support Photowatt's planned expansion, launching a refined metallurgical silicon manufacturing strategy and raising $110 million of new investment capital to support Photowatt.
Next on management's agenda this year is formalizing an R&D collaboration with CEA, the world renowned French research institute, and EDF, France's major electrical utility. The partners expect to incorporate the legal entity partnership by the end of September.
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 and consumer products. It also leverages its many years of repetitive manufacturing experience and skills to fulfill the specialized repetitive equipment manufacturing requirements of customers.
Through its Photowatt solar business, ATS participates in the growing solar energy industry and through its precision components business it produces, in high volume, precision components and subassemblies. ATS employs approximately 3,500 people at 24 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.
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