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ATS Automation Discontinues Discussions in Relation to Potential Acquisition of Rohwedder Group
ATS Automation Posted 07/02/2010CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. ("ATS" or the "Company") today announced that it has withdrawn from acquisition discussions relating to its non-binding indicative offer to the insolvency administrator of Rohwedder AG.
ATS has a stated strategy of actively pursuing acquisition opportunities. The Company is continuing to review a number of opportunities. The completion and timing of any transaction resulting from such review is dependent on a number of factors, including: completion of satisfactory evaluations and due diligence, negotiation of agreements and requisite board and other approvals. There can be no assurance that any such transaction or transactions will be completed.
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 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, ATS participates in the growing solar energy industry. 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.
For further information: Maria Perrella, Chief Financial Officer, Carl Galloway, Vice-President, Treasurer, 519 653-6500