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ATS Automation Tooling Systems: Agreement to acquire the Sortimat Group
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ATS Automation Tooling Systems Inc. today announced it has entered into a definitive agreement to acquire the Sortimat Group, a world leading manufacturer of specialized assembly systems for medical products and pharmaceutical dosing devices.
Headquartered in Germany, and established in 1959, Sortimat has significant experience in advanced system development, manufacturing, handling, and feeder technologies. Sortimat designs systems primarily for the medical products and pharmaceutical devices markets. Over its successful history, it has delivered more than 2,500 programs to global companies.
Sortimat's flagship assembly automation and handling operations are located near Stuttgart where it employs more than 70% of its 450 employees. It also has locations in Chicago and a small, 60% owned joint venture in India.
In calendar 2009, Sortimat had revenues of approximately Euro 57 million and a high single digit EBITDA margin. Healthcare accounts for approximately 75%of Sortimat's worldwide revenue with the balance derived from consumer and automotive markets. Geographically, 80% of revenues are derived from European customers.
The final purchase price is expected to be up to Euro 45 million (approximately CDN $62 million at current exchange rates). At closing, ATS will make a payment of Euro 38.4 million from existing cash balances. Future payments of up to Euro 6.6 million are payable subject to achievement of milestones related to EBIT performance and specific management services over the next 2.5 years. ATS expects to complete the acquisition in the first quarter of fiscal 2011, subject to customary closing conditions, including applicable regulatory approval. The acquisition is expected to be accretive to EBIT and cash flow.
The acquisition of Sortimat aligns with ATS's stated strategy of expanding its leading position in the global automation market and enhancing growth opportunities, particularly in strategic segments, such as healthcare. The acquisition will be funded with cash on hand, making effective use of ATS' strong cash position.
"We welcome the addition of Sortimat's highly skilled people, customers, complementary technologies, scale and presence to our world leading automation business," said Anthony Caputo, ATS Chief Executive Officer. "This acquisition gives us the critical mass to organize ATS marketing and divisions into a group focused on healthcare and we intend to grow our exposure to this attractive market by helping our customers differentiate themselves from their competitors."
ATS will target margin improvements at Sortimat through expat deployment and the application of ATS best practices in command and control, program management, performance management and approach to market.
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, ATS participates in the growing solar energy industry. ATS employs approximately 2,400 people at 13 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. On October 21, 2009, ATS and Photowatt announced plans to advance the Ontario solar market. Visit the Company's website at www.atsautomation.com.
Notes to Readers:
Forward-Looking Statements
This news release contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of ATS, or developments in ATS's business
or in its industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action.
Forward-looking statements may also include, without limitation, any statement
relating to future events, conditions or circumstances. ATS cautions you not
to place undue reliance upon any such forward-looking statements, which speak
only as of the date they are made. Forward-looking statements relate to, among
other things: expected purchase price, and structure and timing of payments;
expected closing of the transaction and timing thereof; expected accretive
nature of the transaction; funding of the transaction; ATS' program to target
margin improvements at Sortimat; ATS' strategy of expanding its leading
position in the global automation market; and ATS' intention to grow its
exposure to the healthcare market. The risks and uncertainties that may affect
forward-looking statements include, among others: inability to close the
acquisition, or delays in closing it, resulting from failure or delays in
relation to satisfying conditions of closing, including conditions requiring
the obtaining of regulatory and third party approvals and consents; failure
to, or delays in, effectively implementing the margin improvement program at
Sortimat due to management or resource constraints or unforeseen
circumstances; issues arising in relation to the integration of two separate
businesses; receptivity of customers, suppliers, employees, and market to the
transaction; whether or not EBIT and management service targets are met;
general market performance including capital market conditions and
availability and cost of credit; economic market conditions; impact of factors
such as increased pricing pressure and possible margin compression; foreign
currency and exchange risk; the relative strength of the Canadian dollar and
the Euro; performance of the market sectors that ATS serves; that one or more
customers experience bankruptcy despite focus on credit terms; that continuing
consolidation and restructuring efforts take longer than expected and/or incur
greater costs than expected; that continuing strategic initiatives will not
have the intended impact on ASG operations; the development of superior or
alternative technologies to those developed by ATS; the success of competitors
with greater capital and resources in exploiting their technology; risks
relating to legal proceedings to which ATS is or may becomes a party; risks
associated with greater than anticipated tax liabilities or expenses; and
other risks detailed from time to time in ATS's filings with Canadian
provincial securities regulators. Forward-looking statements are based on
management's current plans, estimates, projections, beliefs and opinions, and
ATS does not undertake any obligation to update forward-looking statements
should assumptions related to these plans, estimates, projections, beliefs and
opinions change.
EBIT and EBITDA
EBIT and EBITDA margin do not have any standardized meaning prescribed within Canadian generally accepted accounting principles ("GAAP"). See our most recently filed MD&A for a discussion of the non-GAAP financial measures used by the company and how they relate to certain GAAP measures.
For further information:
Maria Perrella, Chief Financial Officer
Carl Galloway, Vice-President, Treasurer, (519) 653-6500
ATS Automation Tooling Systems Inc. today announced it has entered into a definitive agreement to acquire the Sortimat Group, a world leading manufacturer of specialized assembly systems for medical products and pharmaceutical dosing devices.
Headquartered in Germany, and established in 1959, Sortimat has significant experience in advanced system development, manufacturing, handling, and feeder technologies. Sortimat designs systems primarily for the medical products and pharmaceutical devices markets. Over its successful history, it has delivered more than 2,500 programs to global companies.
Sortimat's flagship assembly automation and handling operations are located near Stuttgart where it employs more than 70% of its 450 employees. It also has locations in Chicago and a small, 60% owned joint venture in India.
In calendar 2009, Sortimat had revenues of approximately Euro 57 million and a high single digit EBITDA margin. Healthcare accounts for approximately 75%of Sortimat's worldwide revenue with the balance derived from consumer and automotive markets. Geographically, 80% of revenues are derived from European customers.
The final purchase price is expected to be up to Euro 45 million (approximately CDN $62 million at current exchange rates). At closing, ATS will make a payment of Euro 38.4 million from existing cash balances. Future payments of up to Euro 6.6 million are payable subject to achievement of milestones related to EBIT performance and specific management services over the next 2.5 years. ATS expects to complete the acquisition in the first quarter of fiscal 2011, subject to customary closing conditions, including applicable regulatory approval. The acquisition is expected to be accretive to EBIT and cash flow.
The acquisition of Sortimat aligns with ATS's stated strategy of expanding its leading position in the global automation market and enhancing growth opportunities, particularly in strategic segments, such as healthcare. The acquisition will be funded with cash on hand, making effective use of ATS' strong cash position.
"We welcome the addition of Sortimat's highly skilled people, customers, complementary technologies, scale and presence to our world leading automation business," said Anthony Caputo, ATS Chief Executive Officer. "This acquisition gives us the critical mass to organize ATS marketing and divisions into a group focused on healthcare and we intend to grow our exposure to this attractive market by helping our customers differentiate themselves from their competitors."
ATS will target margin improvements at Sortimat through expat deployment and the application of ATS best practices in command and control, program management, performance management and approach to market.
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, ATS participates in the growing solar energy industry. ATS employs approximately 2,400 people at 13 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. On October 21, 2009, ATS and Photowatt announced plans to advance the Ontario solar market. Visit the Company's website at www.atsautomation.com.
Notes to Readers:
Forward-Looking Statements
This news release contains certain statements that constitute
forward-looking information within the meaning of applicable securities laws
("forward-looking statements"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of ATS, or developments in ATS's business
or in its industry, to differ materially from the anticipated results,
performance, achievements or developments expressed or implied by such
forward-looking statements. Forward-looking statements include all disclosure
regarding possible events, conditions or results of operations that is based
on assumptions about future economic conditions and courses of action.
Forward-looking statements may also include, without limitation, any statement
relating to future events, conditions or circumstances. ATS cautions you not
to place undue reliance upon any such forward-looking statements, which speak
only as of the date they are made. Forward-looking statements relate to, among
other things: expected purchase price, and structure and timing of payments;
expected closing of the transaction and timing thereof; expected accretive
nature of the transaction; funding of the transaction; ATS' program to target
margin improvements at Sortimat; ATS' strategy of expanding its leading
position in the global automation market; and ATS' intention to grow its
exposure to the healthcare market. The risks and uncertainties that may affect
forward-looking statements include, among others: inability to close the
acquisition, or delays in closing it, resulting from failure or delays in
relation to satisfying conditions of closing, including conditions requiring
the obtaining of regulatory and third party approvals and consents; failure
to, or delays in, effectively implementing the margin improvement program at
Sortimat due to management or resource constraints or unforeseen
circumstances; issues arising in relation to the integration of two separate
businesses; receptivity of customers, suppliers, employees, and market to the
transaction; whether or not EBIT and management service targets are met;
general market performance including capital market conditions and
availability and cost of credit; economic market conditions; impact of factors
such as increased pricing pressure and possible margin compression; foreign
currency and exchange risk; the relative strength of the Canadian dollar and
the Euro; performance of the market sectors that ATS serves; that one or more
customers experience bankruptcy despite focus on credit terms; that continuing
consolidation and restructuring efforts take longer than expected and/or incur
greater costs than expected; that continuing strategic initiatives will not
have the intended impact on ASG operations; the development of superior or
alternative technologies to those developed by ATS; the success of competitors
with greater capital and resources in exploiting their technology; risks
relating to legal proceedings to which ATS is or may becomes a party; risks
associated with greater than anticipated tax liabilities or expenses; and
other risks detailed from time to time in ATS's filings with Canadian
provincial securities regulators. Forward-looking statements are based on
management's current plans, estimates, projections, beliefs and opinions, and
ATS does not undertake any obligation to update forward-looking statements
should assumptions related to these plans, estimates, projections, beliefs and
opinions change.
EBIT and EBITDA
EBIT and EBITDA margin do not have any standardized meaning prescribed within Canadian generally accepted accounting principles ("GAAP"). See our most recently filed MD&A for a discussion of the non-GAAP financial measures used by the company and how they relate to certain GAAP measures.
For further information:
Maria Perrella, Chief Financial Officer
Carl Galloway, Vice-President, Treasurer, (519) 653-6500