ATS Provides Update on Solar Separation Process |
ATS Automation
730 Fountain St. North
Cambridge, ON, N3H4R7
Canada
Press release date: October 24, 2011
CAMBRIDGE, ON, Oct. 24, 2011 - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today provided the following updates on its previously announced dual-track process involving a spinoff of the Company's combined solar businesses or a sale of Photowatt France ("PWF") and/or Photowatt Ontario ("PWO"):
o Detailed discussions with parties in regards to a sale of PWF have recently concluded without producing an acceptable transaction.
o The state of economic conditions in Europe and further deterioration in the demand for solar products in France, and the rest of Europe, are negatively impacting PWF and have prompted the Company to re-examine the viability of the spinoff alternative.
o Given these developments and the significant reduction in off-balance sheet obligations at PWF (as previously announced), ATS is reconsidering a broader set of strategic options for both PWF and PWO.
ATS remains committed to the separation of its solar business and expects a modest delay to the previously announced timeline. The Company still expects to complete the separation without materially impacting growth plans for its core automation business.
About ATS
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, transportation 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 solar energy industry. ATS employs approximately 2,900 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.
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