CAMBRIDGE, ON - ATS Automation Tooling Systems Inc. today announced it has completed the sale of its precision metals business to Autocam Corporation of Kentwood, Michigan. As part of the transaction, ATS retained the land and building associated with this business and entered into a lease agreement with Autocam. The purchase price is subject to certain post-closing adjustments and ATS indicated that the estimated gain or loss, if any, on this transaction will be reported with its third quarter results(three months ended December 31, 2005). The signing of the sale agreement was announced on December 13, 2005.
The precision metals business employs approximately 200 people at one facility in Kitchener, Ontario. ATS has treated this business as a discontinued operation since it announced its intention to divest the business.
About ATS
ATS Automation Tooling Systems Inc. is the industry's leading designer and producer of turn-key automated manufacturing and test systems, which are used primarily by multinational corporations operating in a variety of industries including: healthcare, automotive, computer/electronics and consumer products. Through its Solar Group, ATS is also an emerging leader in the rapidly growing market for solar energy cells and modules. The Company also makes precision components and subassemblies using its process knowledge and automation technology. ATS employs approximately 3,900 people at 25 manufacturing facilities in Canada, the United States, Europe and Asia-Pacific.
The Company's shares are traded on the Toronto Stock Exchange under the symbol ATA.