CAMBRIDGE, ON, Sept. 12, 2018 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced it has received an Order Booking from a global automotive manufacturer for a fully automated battery assembly system.
The total enterprise program is valued at approximately CAD $80 million, $7.6 million of which was received and recorded in Order Bookings for the first quarter of fiscal 2019. The full Order Bookings include design, build, installation and post-delivery support, including training, for a turnkey battery assembly system. The system will perform a critical role in supporting the customer's competitive entry into the electric vehicle (EV) market.
"ATS' ability to develop a leading technical solution and its demonstrated EV expertise were key factors in the customer's decision to award this strategic program to us," said Andrew Hider, Chief Executive Officer. "The program includes ATS products and proprietary technologies and is the result of an almost year-long effort in which we worked alongside the customer's engineering and manufacturing teams during the development of both the product and the manufacturing process."
The enterprise program is for a new customer, will involve three ATS facilities, and is expected to be delivered over the next two years.
ATS is an industry-leading automation solutions provider to many of the world's most successful companies. ATS uses its extensive knowledge base and global capabilities in custom automation, repeat automation, automation products and value-added services, including pre-automation and after-sales services, to address the sophisticated manufacturing automation systems and service needs of multinational customers in markets such as life sciences, chemicals, consumer products, electronics, food, beverage, transportation, energy, and oil and gas. Founded in 1978, ATS employs approximately 3,800 people at 20 manufacturing facilities and over 50 offices in North America, 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:
Order Bookings is a non-IFRS measure and does not have a standardized meaning prescribed within IFRS and therefore may not be comparable to similar measures presented by other companies. Order Bookings represent new orders for the supply of automation systems, services and products that management believes are firm. Order Bookings provides an indication of the Company's ability to secure new orders for work during a specified period and is an indicator of future revenues the Company expects to generate based on contracts that management believes to be firm.
Forward Looking Statements:
This news 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' 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 announcement of a new Order Booking, and the anticipated timeline for program delivery. The risks and uncertainties that may affect forward-looking statements include, among others: impact of the global economy and general market performance; that the timing of completion of the enterprise program is other than expected due to reasons, including schedule changes; the customer exercising any right to terminate the program in whole or in part prior to its completion, thereby by not allowing ATS to realize the full benefit of the program; and other risks detailed from time to time in ATS' filings with Canadian provincial securities regulators. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and other than as required by applicable securities laws, ATS does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
SOURCE ATS Automation Tooling Systems Inc.
These press releases may also interest you