ATS Automation Tooling Systems Inc.: agreement to sell Precision Components Group
ATS Automation signs definitive agreement to sell Precision Components Group
CAMBRIDGE, / - ATS Automation Tooling Systems Inc. today announced it has finalized a definitive agreement to sell the key operating assets and liabilities of Precision Components Group ("PCG") to a group led by current PCG management. The Company expects to complete the sale in the third quarter of this fiscal year, upon finalization of certain regulatory and legal matters.
"PCG is not profitable and not strategic to the Company," said Anthony Caputo, Chief Executive Officer. "Its divestiture to PCG management allows us to focus on other operations. We believe this transaction is in the best interest of all our employees."
The agreement includes equipment, current assets (excluding cash), trade accounts payable and certain other assets and liabilities. The Company does not anticipate further impairment charges on the transaction, pending finalization of closing costs. PCG employs approximately 300 people at three facilities, two of which are located in Canada and one in China.
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, energy and consumer products. It also leverages its many years of experience and skills to fulfill the specialized repetitive equipment 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 3,500 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.
For further information
Maria Perrella, Chief Financial Officer, Carl Galloway, Vice President and Treasurer, (519) 653-6500
Source: ATS Automation Tooling Systems Inc.