ATS Automation Tooling Systems has declared that one among its subsidiaries has made an agreement to procure Assembly & Test Worldwide’s (ATW) operations in Dayton Ohio, Saginaw Michigan, Livonia Michigan and Neuwied Germany for US $18.5 million.
Around two-thirds of the revenues obtained by these operations are derived from the automotive segment, followed by life Sciences and Energy. This acquisition is part of ATS’ mission of extending its presence in the global automation market and improving developmental opportunities.
Anthony Caputo, Chief Executive Officer of ATS, has mentioned that the acquirement of the US and German-based businesses of ATW will introduce them to several new clients of the automotive industry. He mentioned that with the inclusion of new Life Sciences group this year, the acquirement offers a significant mass for releasing a group involved in transportation. He added that they are looking forward to releasing several groups as they grow and accomplish success in other client markets.
The acquired operations feature a joint labor force of around 300. Last year, the operations have fetched revenues around US $65 million and US-based clients had contributed 80% of the revenues.
The acquirement is likely to be completed in another few weeks, subject to closing factors like conventional permits and approvals and beneficial initial visits with major clients.
Source: http://www.atsautomation.com