ATS Automation Signs New Credit Agreement
CAMBRIDGE, ON, June 17 - ATS Automation Tooling Systems Inc. today
announced it has signed a new primary credit agreement with The Bank of Nova
Scotia.
The new 17-month agreement provides the Company with credit facilities of
up to $85 million comprised of an operating credit facility of $40 million,
which will increase by $5 million monthly increments up to $65 million,
subject to certain conditions, as well as a letter of credit facility of up to
$20 million.
"Signing this credit agreement is one of several steps we are taking to
improve financial flexibility beyond the strength of our balance sheet," said
Anthony Caputo, CEO. "Other initiatives include plans to increase
profitability, monetize non-core assets and improve working capital. There is
more to do, but we are pleased with progress to date."
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 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.
For further information: Anthony Caputo, Chief Executive Officer, Maria
Perrella, Chief Financial Officer, Carl Galloway, Vice President and
Treasurer, (519) 653-6500
