CAMBRIDGE, ONTARIO - ATS Automation Tooling Systems Inc. (ATS) has finalized the previously announced sale of the key operating assets and liabilities of Precision Components Group (PCG).
The purchaser satisfied a portion of the purchase price by issuing promissory notes to ATS and the balance was paid in cash. PCG employs approximately 300 people at three facilities, two of which are located in Canada and one in China. The transfer of PCG's Chinese operations remains subject to receipt of approvals from the Chinese government, which are expected in the first quarter of calendar 2009. Pending receipt, a portion of the total purchase price allocated to the Chinese operations is being held in escrow.
‘‘The divestiture of PCG, to a group led by PCG management, is consistent with our stated strategy and allows ATS to continue to focus on strategic operations,’‘ says Anthony Caputo, chief executive officer. ‘‘We believe this transaction is in the best interests of all ATS employees and shareholders.’‘