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ATS Automation Announces Workforce Reductions
ATS Automation Posted 03/20/2009
CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. ('ATS') today announced it is reducing its Cambridge workforce by approximately 80 full-time employees and its Photowatt France workforce by approximately 160 temporary workers in order to bring the workforce inline with customer requirements.
'In light of today's economic climate, demand at our Cambridge facility has softened, particularly in the Automation Products Group; and at Photowatt, demand for solar modules and systems has decreased,' said Anthony Caputo, Chief Executive Officer. 'While the current business environment remains challenging, the Company is in a strong position to continue to serve its customer base and focus on key opportunities.'
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, 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 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 2,700 people at 17 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
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 Company being in a strong position to continue to serve its customer base and focus on key opportunities. The risks and uncertainties that may affect forward-looking statements include, among others, general market performance including capital market conditions and availability of credit; economic market conditions; impact of factors such as health of automotive suppliers, financial failure of customers, increased pricing pressure and possible margin compression; foreign currency and exchange risk; the strength of the Canadian dollar; performance of the market sectors that ATS serves; extent of market demand for solar products, and other risks detailed from time to time in ATS's filings with Canadian provincial securities regulators, including ATS's Annual Report and Annual Information Form for the fiscal year ended March 31, 2008. 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.