CAMBRIDGE, ON, Feb. 22, 2022 /CNW/ - ATS Automation Tooling
Systems Inc. (TSX: ATA) ("ATS" or the "Company"), an
industry-leading automation solutions provider, today announced the
acquisition of the intellectual property ("IP") assets of VASPAC
Inc. ("VASPAC"), a Canadian-based organization that focuses on
software quality assurance and specialized consulting to the
nuclear industry. The financial terms of the transaction were not
disclosed.
VASPAC joins ATS' Industrial Automation business and will
support the Company's nuclear strategy as well as create new
synergies through overlapping customers and expanded portfolio
offerings. The addition of the IP assets of VASPAC is expected to
provide ATS with greater access to nuclear projects requiring
safety categorized software, and benefit from the strong reputation
that VASPAC has earned since its founding in 2003.
"We are constantly looking to expand our value proposition for
customers in the nuclear industry," said Udo Panenka, President of ATS Industrial
Automation. "With the expanded capabilities brought on by VASPAC,
together with our global scale and the ability to leverage the ATS
Business Model and our continuous improvement mindset, this
acquisition offers great opportunities for us, in particular around
the role of digitization to support our overall strategic road
map."
Key employees of VASPAC will join the ATS Industrial Automation
operations in Cambridge, and
VASPAC's CEO Keith Bradshaw will
support the transition.
About VASPAC
VASPAC was founded in 2003 to provide
process control solutions for the Nuclear Power Generation market,
specializing in nuclear safety-related software. Leveraging an
extensive power generation and formal software development
background, VASPAC has developed nuclear-grade solutions which are
considered the gold standard amongst clients. For more information,
visit VASPAC's website www.vaspac.ca.
About ATS
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, food & beverage, transportation,
consumer products, and energy. Founded in 1978, ATS employs over
6,000 people at more than 50 manufacturing facilities and over 75
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.
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 VASPAC, or developments in either ATS' or VASPAC's business
or in their 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 in this press release relate to,
among other things: expected benefits that VASPAC will provide. The
risks and uncertainties that may affect forward-looking statements
include, among others: performance of the market sectors that
VASPAC and ATS serve; the progression of COVID-19 and its impacts
on the Company's and VASPAC's ability to operate their respective
assets, including the possible shut-down of facilities due to
COVID-19 outbreaks; the severity and duration of the COVID-19
pandemic in all jurisdictions where the Company and VASPAC conduct
business; the nature and extent of government imposed restrictions
on travel and business activities and the nature, extent, and
applicability of government assistance programs, in both cases
related to the COVID-19 pandemic, as applicable in all
jurisdictions where the Company and VASPAC conduct business; the
impact of the COVID-19 pandemic on the Company's and VASPAC's
employees, customers, and suppliers; the impact of COVID-19 on the
global economy; general market performance including capital market
conditions and availability and cost of credit; foreign currency
and exchange risk; the relative strength of the Canadian dollar;
impact of factors such as increased pricing pressure and possible
margin compression; the regulatory and tax environment; failure or
delays associated with new customer programs; that VASPAC's
business does not perform as expected or does not generate the
anticipated benefits; that one or more customers, or other persons
with which ATS or VASPAC has contracted, experience insolvency or
bankruptcy with resulting delays, costs or losses; political,
labour or supplier disruptions; imposition of new duties, tariffs
or other legal barriers; risks relating to legal proceedings to
which VASPAC and/or ATS is or may become a party; exposure to
product liability claims; risks associated with greater than
anticipated tax liabilities or expenses; 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.
