ATS Automation to sell Precision Components Group to management
Automation systems integrator ATS Automation Tooling Systems Inc., of Cambridge, Ont., has finalized an agreement t...
September 15, 2008 by Canadian Plastics
Automation systems integrator ATS Automation Tooling Systems Inc., of Cambridge, Ont., has finalized an agreement to sell the key operating assets and liabilities of Precision Components Group (“PCG”) to a group led by current PCG management.
ATS expects to complete the sale in the third quarter of this fiscal year.
“PCG is not profitable and not strategic to the Company,” said Anthony Caputo, CEO of ATS. “Its divestiture to PCG management allows us to focus on other operations. We believe this transaction is in the best interest of all our employees.”
According to Caputo, the agreement includes equipment, current assets (excluding cash), tradeaccounts payable, as well as other assets and liabilities.
PCG employs approximately 300 people at three facilities, two of which are located in Canada (in Stratford, Ont., and in Cambridge), and one in China.
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