Canadian ATS to put up for sale French Photowatt - report

(ADPnews) - Jun 7, 2011 - Canadian automation firm ATS Automation Tooling Systems Inc (TSE:ATA) has decided to put up for sale its French solar modules subsidiary Photowatt, daily La Tribune reported on Tuesday.
The facility, located in Bourgoin-Jallieu, eastern France, is the only vertically integrated solar power company in the country.
ATS acquired the business in 1997. In fiscal 2009/2010 ended March 31, Photowatt registered an operating loss of EUR 25.6 million (USD 38m).
Due to the unit's poor performance, ATS has reportedly decided to spin off Photowatt by the end of the year.
In February, Photowatt announced plans to cut 196 permanent jobs and 136 temporary positions out of the 670 staff. The firm even planned to relocate part of its production abroad.
(EUR 1.0 = USD 1.467)

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