PHOTOWATT OUTPUT IMPACTED BY EMPLOYEE CONCERNS OVER RESTRUCTURING PLAN
February 17 2011 - 8:30AM
PR Newswire (Canada)
CAMBRIDGE, ON, Feb. 17 /CNW/ -- TSX: ATA CAMBRIDGE, ON, Feb. 17
/CNW/ - ATS Automation Tooling Systems Inc. ("ATS" or the "Company)
announced that productivity at its French subsidiary Photowatt
International (Photowatt France) has dropped in reaction to the
Photowatt France proposed restructuring plan. Actual output in
January 2011 reduced to 3 megawatts, roughly 55% of planned output.
Management is working closely with the employee works council to
address productivity. The restructuring plan, which was
announced on January 5, 2011 to the Comité d'Entreprise (employee
works council), may result in an overall headcount reduction of
approximately 95 at its facility in Bourgoin-Jallieu, France.
Photowatt France plans also contemplate that approximately 136
temporary positions may be discontinued. 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, 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 3,000 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.
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: management working closely with the employee works council
to address productivity; a restructuring plan; and potential
headcount reduction. The risks and uncertainties that may
affect forward-looking statements include, among others: 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 availability
and possible reduction or elimination of government subsidies and
incentives for solar products in various jurisdictions; the risk
that adverse employee reaction continues with corresponding
negative impact on production and the business; the risk that the
restructuring plan or other future actions taken by Photowatt would
not be sufficient to address the competitive pressures faced by
Photowatt; that potential overall headcount reduction or
discontinuance of temporary positions is other than as
contemplated; 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 other than as required by applicable securities laws,
ATS does not undertake any obligation to update forward-looking
statements should assumptions related to these plans, estimates,
projections, beliefs and opinions change. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/17/c3673.html
p align="justify"Maria Perrella, Chief Financial Officerbr/ Carl
Galloway, Vice-President, Treasurerbr/ 519 653-6500/p
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