CAMBRIDGE, ON, Nov. 18 /CNW/ - ATS Automation Tooling Systems Inc. todayannounced that it has completed the planned sale of the assets which comprisedits thermal products business - for approximately US $7.1 million in cash, netof disposition expenses. "Today's sale of the thermal products assets is another important stepforward in achieving our improvement goals within our Precision ComponentsGroup," said Klaus Woerner, ATS President and Chief Executive Officer.
"Weexpect that under its new owner, the thermals business will benefit as part ofa company that has complementary technologies and a substantial presence inAsia. This sale also frees up needed factory space to support growth in otherareas of our business." In anticipation of the sale, ATS treated the thermal products business asa discontinued operation in its recently reported second quarter results forthe three months ended September 30, 2004. The sale will be reflected in theCompany's third quarter (three months ended December 31, 2004) and is notexpected to result in any significant gain or loss. The buyer cannot beidentified because of confidentiality.
Corporate Description
ATS Automation Tooling Systems Inc. ( www.atsautomation.com ) is theindustry's leading designer and producer of turn-key automated manufacturingand test systems, which are used primarily by multinational corporationsoperating in a variety of industries including: automotive, computer/electronics, healthcare, and consumer products. The Company also makes precision components and sub-assemblies using its own custom-built manufacturing systems, process knowledge and automation technology.
ATS is also an emerging leader in the rapidly growing market for solar energy cells and modules. ATS employs approximately 4,000 people at 26 facilities in Canada, the United States, Europe and Asia-Pacific. The Company's shares are traded on The Toronto Stock Exchange under the symbol ATA. Certain forward looking statements are made in this news release, including statements regarding growth prospects for the business and the impact of changes in management. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of ATS's products, technologies, customer requirements and other risks detailed from time to time in ATS's periodic reports filed with Canadian regulatory authorities.
