ATS Provides Update On Photowatt France Judicial Recovery Process
February 25 2012 - 1:16AM
PR Newswire (Canada)
CAMBRIDGE, ON, Feb. 27, 2012 /CNW/ - ATS Automation Tooling Systems
Inc. ("ATS" or the "Company") announced that in a decision rendered
today, the Commercial Court of Vienne (France) has authorized EDF
Energies Nouvelles Reparties (EDF ENR), a subsidiary of the EDF
group which is dedicated to renewable energies, to purchase
Photowatt International SAS (PW) assets out of bankruptcy and
continue its operations. According to EDF ENR's offer, the entire
workforce of PW will be transferred to a newly established
subsidiary of EDF ENR together with PW assets, or redeployed within
the EDF group. From March 1, 2012, EDF ENR's subsidiary will be the
new operator of PW's assets and ATS will no longer have solar
business operations in France. The confirmation of a new operator
for the Photowatt France business along with the preservation of
jobs is a major step in the French bankruptcy process and will
conclude the recovery proceeding phase ("redressement judiciaire").
The court-appointed officers in charge of the matter will now
proceed to finalize the bankruptcy proceedings of PW. While ATS
will continue to monitor the proceedings, this ends ATS's operating
support of PW. Solar Separation ATS continues to advance
opportunities related to its formal sale process to divest its
Ontario-based solar operations. Management expects that, if
completed, the proceeds from the divestiture will exceed the cash
outflows related to the bankruptcy process in France. 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
its Ontario solar business, ATS participates in the solar energy
industry. ATS employs approximately 2,300 people at 20
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. Note to Readers: Forward-Looking
Statements This press 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, the PW bankruptcy process, efforts related to
divestiture of the Ontario-based solar business, and management's
expectation that proceeds from the divestiture will exceed the cash
outflows related to the bankruptcy process in France. The
risks and uncertainties that may affect forward-looking statements
are 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.
ATS Automation Tooling Systems Inc. CONTACT: Maria Perrella, Chief
Financial OfficerCarl Galloway, Vice-President, Treasurer519
653-6500
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