ATS Automation Tooling Systems Inc. Announces Name Change to ATS Corporation
CAMBRIDGE, ON, Nov. 21, 2022 /CNW/ - ATS Corporation (formerly ATS Automation Tooling Systems Inc.) ("ATS" or the "Company") is pleased to announce it has, effective today, amended its articles in accordance with the Business Corporations Act (Ontario) to change its legal name from "ATS Automation Tooling Systems Inc." to "ATS Corporation".
This name change enables ATS Corporation to honour its corporate origins while signalling that its capabilities are now broader, more diverse and technologically advanced. Today's announcement is accompanied by the phased introduction of a revitalized corporate identity featuring a modernized logo and an updated colour palette.
As part of the name change, the ticker symbol of the Company's common shares (the "Common Shares") on the Toronto Stock Exchange (the "TSX") will also change from "ATA" to "ATS". The Common Shares are expected to begin trading on the TSX under the new name and new ticker symbol at market open on or around November 24, 2022.
"The name ATS is well known and trusted among the world's leading multinational companies who do business with us," said Andrew Hider, CEO of ATS Corporation. "It was therefore important for us to respect our heritage by leveraging the equity present in our brand, but also to reflect the business we have evolved to become. The name ATS Corporation does both. It provides a great platform for the future and serves as the flagship for our many operating brands that will continue to lead the way for us in life sciences, transportation, food and beverage, energy and consumer."
One point of consistency with the original corporate identity is the use of three parallelograms, which represent the Company's core values. Those three parallelograms have more recently taken on additional meaning within the Company's Business Model, ABM, which serves as ATS Corporation's business management system. The ABM emphasizes People, Process, and Performance – three drivers of success that are critical to all operations and three characteristics that differeniate ATS Corporation in the marketplace.
The Company's shareholders previously passed a special resolution authorizing an amendment to the Company's articles to effect a name change from "ATS Automation Tooling Systems Inc." to such other name so determined by the Board of Directors of the Company, at the annual and special meeting of the Company's shareholders held on August 13, 2020. No action will be required by existing shareholders with respect to the Company's name or symbol change. It will also not affect the Company's operating brands, but will be showcased on the corporate website, in investor communications and in naming conventions used by corporate divisions over the coming months.
"We hold unique positions in many dynamic markets, and operating under the ATS Corporation umbrella, we will proudly convey our presence by staying true to our shared purpose of creating solutions that positively impact lives around the world."
ATS Corporation 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. The Company's common shares are traded on the Toronto Stock Exchange under the symbol ATA and will trade under the symbol ATS after market open on or around November 24, 2022. Visit the Company's website at www.atsautomation.com.
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 new name and ticker symbol under which ATS will trade on the TSX. 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; industry challenges in securing the supply of labour, materials, and, in certain jurisdictions, energy sources such as natural gas, impact of inflation; interest rate changes; foreign currency and exchange risk; the relative strength of the Canadian dollar; recessionary risk; impact of factors such as increased pricing pressure, increased cost of energy and supplies, and delays in relation thereto, and possible margin compression; the regulatory and tax environment; that the change in ticker symbol on the TSX will be delayed or will not be completed due to various reasons, including in relation to required documentation or approvals; 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 in this news release 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 Corporation
David Galison, Head of Investor Relations, ATS Corporation, 730 Fountain Street North, Cambridge, ON, N3H 4R7, (519) 653-6500, [email protected]; Matthew Robinson, Manager, Corporate Communications, ATS Corporation, 730 Fountain Street North, Cambridge, ON, N3H 4R7, (519) 653-6500, [email protected]
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