ATS Provides Update on Photowatt France Judicial Recovery Process
CAMBRIDGE, ON, Feb. 27, 2012 - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") announced that in a decision rendered today, the Commercial Court of Vienne (France) has authorized EDF Energies Nouvelles Reparties (EDF ENR), a subsidiary of the EDF group which is dedicated to renewable energies, to purchase Photowatt International SAS (PW) assets out of bankruptcy and continue its operations. According to EDF ENR's offer, the entire workforce of PW will be transferred to a newly established subsidiary of EDF ENR together with PW assets, or redeployed within the EDF group. From March 1, 2012, EDF ENR's subsidiary will be the new operator of PW's assets and ATS will no longer have solar business operations in France.
The confirmation of a new operator for the Photowatt France business along with the preservation of jobs is a major step in the French bankruptcy process and will conclude the recovery proceeding phase ("redressement judiciaire"). The court-appointed officers in charge of the matter will now proceed to finalize the bankruptcy proceedings of PW. While ATS will continue to monitor the proceedings, this ends ATS's operating support of PW.
Solar Separation
ATS continues to advance opportunities related to its formal sale process to divest its Ontario-based solar operations. Management expects that, if completed, the proceeds from the divestiture will exceed the cash outflows related to the bankruptcy process in France.
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 its Ontario solar business, ATS participates in the solar energy industry. ATS employs approximately 2,300 people at 20 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.
