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ATS Acquires Electrical Controls Firm to Increase European Capabilities, Growth Potential
December 4, 2002 |Estimated reading time: Less than a minute
Cambridge, Ontario, Canada -- ATS Automation Tooling Systems Inc. is acquiring an electrical controls company in Munich, Germany as part of its strategy to increase its capabilities in Europe and gain control over an important technology.
The acquisition of Magnet GmbH for approximately $3 million will close in December. A profitable, privately held company, Magnet provides a range of control technology, including electrical controls design, controls programming, electrical wiring and the supply of test systems. Magnet and its 10 skilled employees will be amalgamated with ATS Munich.
In the last five fiscal years, ATS has generated approximately $319 million in automation systems revenue in Europe.
ATS Automation Tooling Systems Inc. is the industry's leading designer and producer of turn-key automated manufacturing and test systems, which are used primarily by multinational corporations operating in a variety of industries including: automotive, computer/electronics, healthcare and consumer products. For more information, visit www.atsautomation.com.