ATS Automation Finalizes Sale of Precision Components Group
CAMBRIDGE, ON, Jan. 7, 2009 - 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
escrow.
"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."
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, 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
www.atsautomation.com.
For further information:
Maria Perrella,
Chief Financial Officer,
Carl Galloway,
Vice-President and Treasurer,
(519) 653-6500
