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ATS Corporation (TSX: ATS) (NYSE: ATS) is a prominent Canada-based company specializing in providing advanced automation systems. Established in 1978, ATS designs and builds customized automated manufacturing and testing systems, offering a comprehensive suite of pre- and post-automation services. The company’s product line includes sophisticated conveyor systems, automated electrified monorails, tray handlers, laser systems, and various hardware and software solutions.
ATS serves a diverse clientele spanning several key industries such as life sciences, food and beverage, transportation, consumer products, electronics, and energy. Their extensive reach and expertise have secured them a significant presence in North American and European markets, driving the majority of their sales.
In recent developments, ATS reported record revenues for the first quarter of fiscal 2024. The company successfully completed its U.S. initial public offering (IPO) and began trading on the New York Stock Exchange, generating gross proceeds of USD 282.9 million. This influx of capital has enhanced ATS’s financial flexibility, reduced its debt ratio, and positioned the company for strategic growth opportunities, including potential acquisitions and increased working capital.
ATS's strategic growth is further highlighted by its latest acquisition of Avidity Science, LLC, a leader in automated water purification solutions for biomedical and life science applications. This acquisition aligns with ATS’s mission to support the entire life sciences process, from research to commercial production, thereby expanding their market footprint and enhancing their value proposition.
Financially, ATS has shown robust performance with significant year-over-year organic revenue growth. The company’s focus on operational excellence through the ATS Business Model (ABM) ensures continuous improvement and long-term sustainable shareholder value. ATS’s order backlog and order bookings reflect a strong pipeline across strategic global markets and regulated industries.
ATS holds over 6,500 employees at more than 60 manufacturing facilities and over 80 offices worldwide. The company’s emphasis on ESG initiatives positions it well in markets focusing on sustainability standards and goals. With a disciplined approach to acquisitions and a focus on operational efficiencies, ATS aims to maintain its trajectory of growth and profitability.
ATS (TSX and NYSE: ATS) has announced the pricing of its upsized $400 million senior unsecured notes offering, increased from the initial $300 million. The notes, due in 2032, will have a 6.50% interest rate, payable semi-annually. They will be issued at C$1,000 per C$1,000 principal amount.
The offering is a private placement in Canada and is being sold in the US to qualified institutional buyers under Rule 144A. ATS plans to use the net proceeds to pay outstanding amounts on its revolving credit line. The closing is expected around August 21, 2024, subject to customary conditions.
ATS (TSX: ATS) (NYSE: ATS) announced the election of directors at its virtual Annual Meeting of Shareholders on August 9, 2024. All nominee directors listed in the management information circular dated June 17, 2024, were elected. The voting results show strong support for most nominees, with Philip B. Whitehead receiving the highest approval at 99.80%. Sharon C. Pel received the lowest approval at 70.93%. The meeting saw 86.69% of ATS common shares represented. Voting was conducted electronically, and final results will be filed on SEDAR+ and EDGAR.
ATS reported its Q1 fiscal 2025 results, showing a 7.9% decrease in revenues to $694.3 million and a 26% decline in net income to $35.3 million compared to the previous year. Despite these declines, the company achieved its second-highest Order Bookings at $817 million, an 18.4% increase year-over-year. The Order Backlog stood at $1,882 million, providing good revenue visibility for fiscal 2025. ATS is focusing on expanding its presence in regulated markets like food and beverage and life sciences, with recent acquisitions including Avidity and Paxiom. The company is also taking action to align its cost structure in the transportation sector due to lower demand in the Electric Vehicle space.
ATS (TSX: ATS) (NYSE: ATS) has announced a definitive agreement to acquire Heidolph, a leading manufacturer of premium lab equipment for life sciences and pharmaceutical industries. Heidolph, founded in 1938 and based in Germany, generated revenues of approximately €50 million in its fiscal year ended March 31, 2024, with gross margins accretive to ATS' current margins. The acquisition will strengthen ATS' Life Sciences business, expanding its product range and global presence. Heidolph employs over 200 people across facilities in Germany, the US, South Korea, and China. The transaction is expected to close in the third calendar quarter of 2024, with ATS funding the purchase through cash and its revolving credit facility.
ATS (TSX: ATS) (NYSE: ATS) has successfully completed its acquisition of Paxiom Group, a provider of packaging machines for the food and beverage, cannabis, and pharmaceutical industries. The acquisition, initially announced on May 15, 2024, strengthens ATS's position in the packaging sector. Paxiom specializes in primary, secondary, and end-of-line packaging solutions, which complements ATS's existing automation capabilities. This strategic move is expected to enhance ATS's offerings and expand its market reach in key industries.
ATS (TSX: ATS) (NYSE: ATS) has announced key dates for its first quarter financial results and Annual Meeting of Shareholders. The company will report its Q1 results for the period ended June 30, 2024, on Thursday, August 8, 2024, before markets open. A conference call and webcast will follow at 8:30 a.m. eastern, featuring management's remarks and a Q&A session with analysts.
The Annual Meeting of Shareholders is scheduled for Friday, August 9, 2024, at 10:00 a.m. eastern. This will be a virtual-only meeting accessible via a provided link. Shareholders can find the Management Information Circular and other meeting-related materials on the company's website, SEDAR+, and the SEC's EDGAR website.
ATS (TSX: ATS) (NYSE: ATS) announced that CEO Andrew Hider and CFO Ryan McLeod will participate in the Stifel 2024 Cross Sector Insight Conference in Boston, MA on June 4, 2024. ATS is scheduled for a fireside chat at 9:10 a.m. (ET), which will be webcast live with a replay available for 90 days on their Investor Relations site. Additionally, management will host institutional investor meetings during the conference.
ATS (TSX: ATS) will participate in Deutsche Bank's 15th Annual Global Industrials, Materials & Building Products Conference in New York on June 5, 2024. CFO Ryan McLeod will represent ATS, hosting a fireside chat at 9:20 a.m. ET. The event will be webcast live on ATS's Investor Relations website, with a replay accessible for 180 days. Additionally, ATS management will conduct institutional investor meetings during the conference, which can be scheduled through Deutsche Bank or ATS contacts.
ATS reported its financial results for Q4 and fiscal 2024. Key figures include an 8.3% increase in Q4 revenues to $791.5 million, a 63.9% rise in net income to $48.5 million, and a 7.3% increase in order bookings to $791 million. Fiscal 2024 highlights show a 17.7% rise in revenues to $3,032.9 million and a 52.1% increase in net income to $194.2 million. However, adjusted EBITDA for the quarter decreased by 2.0% to $115.8 million. The company also announced acquisitions, including Paxiom Group and IT.ACA. Despite setbacks in the EV market, ATS expects growth in life sciences and other markets, supported by a strong order backlog of $1,793 million.
ATS (TSX: ATS, NYSE: ATS) has announced a definitive agreement to acquire Paxiom Group, a provider of packaging machines for the food and beverage, cannabis, and pharmaceutical industries. Paxiom, headquartered in Montreal, Quebec, includes companies like WeighPack Systems, EndFlex, Valtara, and Kang-Di, with operations in Canada, the US, Italy, and China. The acquisition will enhance ATS' product offerings and expand its footprint in regulated markets. For the year ending December 31, 2023, Paxiom generated $67 million in revenue with an adjusted EBITDA margin above 19%. The transaction, whose financial terms were not disclosed, is expected to close in Q3 2024 and will be funded through cash and ATS' revolving credit facility.
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