TSX: ATA
CAMBRIDGE, ON, June 17 /CNW/ - ATS Automation Tooling Systems Inc. todayannounced it has signed a new primary credit agreement with The Bank of NovaScotia.
The new 17-month agreement provides the Company with credit facilities ofup to $85 million comprised of an operating credit facility of $40 million,which will increase by $5 million monthly increments up to $65 million,subject to certain conditions, as well as a letter of credit facility of up to$20 million.
"Signing this credit agreement is one of several steps we are taking toimprove financial flexibility beyond the strength of our balance sheet," saidAnthony Caputo, CEO. "Other initiatives include plans to increaseprofitability, monetize non-core assets and improve working capital. There ismore to do, but we are pleased with progress to date."
About ATS
ATS Automation Tooling Systems Inc. provides innovative, custom designed,built and installed manufacturing solutions to many of the world's mostsuccessful companies. Founded in 1978, ATS uses its industry-leading knowledgeand global capabilities to serve the sophisticated automation systems' needsof multinational customers in industries such as healthcare,computer/electronics, automotive and consumer products. It also leverages itsmany years of repetitive manufacturing experience and skills to fulfill thespecialized repetitive equipment manufacturing requirements of customers.Through its solar business, ATS participates in the growing solar energyindustry and through its precision components business it produces, in highvolume, precision components and subassemblies. ATS employs approximately3,500 people at 24 manufacturing facilities in Canada, the United States,Europe, southeast Asia and China. The Company's shares are traded on theToronto Stock Exchange under the symbol ATA. Visit the Company's website atwww.atsautomation.com.
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