ATS Announces Termination of Silicon Supply Agreements at Photowatt France
September 24 2011 - 11:59PM
PR Newswire (Canada)
CAMBRIDGE, ON, Sept. 28, 2011 /CNW/ - ATS Automation Tooling
Systems Inc. ("ATS" or the "Company") today announced that its
Photowatt France ("PWF") subsidiary has reached agreements to
terminate certain of its silicon and wafer supply contracts. As a
result of the termination agreements, the Company expects that PWF
will incur charges of 17.5 million Euro in the second quarter
ending October 2, 2011, including asset impairment charges of 14.5
million Euro, representing previously paid deposits. The
supply of silicon and wafers represented by these agreements is not
required to meet current and planned manufacturing capacities. The
termination agreements will eliminate commitments over the next 6
years to purchase approximately 180 million Euro of silicon and
wafers at contractual prices in excess of current spot market
levels. 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
Photowatt, ATS participates in the growing solar energy industry.
ATS employs approximately 2,900 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. ATS Automation Tooling Systems Inc. CONTACT:
Maria Perrella, Chief Financial OfficerCarl Galloway,
Vice-President, Treasurer519 653-6500
Copyright
ATS Automation Tooling S... (TSX:ATA)
Historical Stock Chart
From Jun 2024 to Jul 2024
ATS Automation Tooling S... (TSX:ATA)
Historical Stock Chart
From Jul 2023 to Jul 2024