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CAMBRIDGE, ON, June 17, 2022 /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) ("ATS" or the "Company") today announced its Industrial Automation business has received an initial Order Booking from an existing global automotive customer towards fully automated battery assembly systems for their Canadian and U.S. manufacturing operations. The order is valued at approximately US$70 million (or approximately C$90 million at current exchange rates).
This initial order is part of a multi-phase enterprise program that includes the design, build, and installation of turnkey battery assembly systems. These systems are critical components of the customer's electric vehicle (EV) strategy, and further entrenches ATS' position as being amongst industry leader in this growing space. The Order Booking will be recorded in the Company's first quarter of fiscal 2023 and is expected to be delivered over the next 18 months.
"This booking allows us to continue to leverage our experience and successful track record in the EV market, and further demonstrates our ability to deliver solutions to meet the needs of customers," said Andrew Hider, CEO of ATS. "With accelerating customer and consumer demand, we are able to leverage our ATS Business Model and commitment to continuous improvement to evolve and expand our offerings as technology and needs continue to change."
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.
Order Bookings is a non-IFRS measure and does not have any standardized meaning prescribed within IFRS and therefore may not be comparable to similar measures presented by other companies. Such measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Additional information on non-IFRS measures can be found in the Company's MD&A on SEDAR or on the Investor's section of the Company's website.
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements include all statements that are not historical facts regarding possible events, conditions or results of operations that ATS believes, expects or anticipates will or may occur in the future, including, but not limited to: the announcement of a new Order Booking and the anticipated timeline for delivery. Such forward-looking statements are inherently subject to significant 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. Important risks, uncertainties and factors that could cause actual results to differ materially from expectations expressed in the forward-looking statements include, but are not limited to, the duration of the COVID-19 pandemic and its impact on the Company, its employees, customers, suppliers and the global economy; impact of regional or global conflicts; general market performance including capital market conditions and availability and cost of credit; performance of the markets that ATS serves; impact of inflation; foreign currency and exchange risk; the relative strength of the Canadian dollar; impact of factors such as increased pricing pressure, increased cost of supplies and delays in relation thereto, and possible margin compression; the regulatory and tax environment; that the timing of completion of the program is other than as expected due to various reasons, including schedule changes or COVID-19 pandemic related factors; the customer exercising any right to terminate the program in whole or in part prior to its completion, thereby preventing ATS from realizing on the full benefit of the program, and other risks and uncertainties detailed from time to time in ATS' filings with securities regulators, including, without limitation, the risk factors described in ATS' annual information form for the fiscal year ended March 31, 2022, which are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") and can be accessed at www.sedar.com. ATS has attempted to identify important factors that could cause actual results to materially differ from current expectations, however, there may be other factors that cause actual results to differ materially from such expectations.
Forward-looking statements are necessarily based on a number of estimates, factors and assumptions regarding, among others, management's current plans, estimates, projections, beliefs and opinions, the future performance and results of the Company's business and operations; and general economic conditions and global events, including the COVID-19 pandemic.
Forward-looking statements included herein are only provided to understand management's current expectations relating to future periods and, as such, are not appropriate for any other purpose. Although ATS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and ATS cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. ATS does not undertake any obligation to update forward-looking statements contained herein other than as required by law.
SOURCE ATS Automation Tooling Systems Inc.
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