ATS to buy equipment supplier CFT
- Press release
, François-Xavier Branthôme
ATS Automation Tooling Systems Inc., an industry-leading automation solutions provider based in Cambridge, Ontario (Canada), announced on 7 December its intention to acquire, by way of a voluntary public tender offer, CFT S.p.A., an established global supplier to the food and beverage equipment market. The tender offer of €4.60 per share represents a total equity value of €88 million and a total enterprise value of €166 million.
“This is a highly strategic transaction that will allow us to establish a broader growth platform for ATS in the regulated food and beverage equipment market, and positions us well in attractive niches,” said Andrew Hider, CEO of ATS. “With a 75-year track record, proven technology and a dedicated workforce of 900-plus employees, CFT enables us to capture more of the value chain in a vertical we covet for its stability and growth, and complements our recent MARCO acquisition. CFT also offers significant value creation potential for ATS shareholders as we work with the CFT team to apply the ATS Business Model to achieve cost and revenue synergies.”
“As an industry leader in automation with a long track record of innovating for customers, ATS is ideally suited to take CFT to the next level in our markets,” said Roberto Catelli, Representative of the Major Shareholders of CFT. “The major shareholders are very pleased to support this transaction as it will create both opportunity and value for CFT, our customers and employees in the years ahead.
Established in 1945, CFT designs and produces turn-key machines and systems for the food and beverage sector. The Italian-headquartered company serves its global customer base through its portfolio of brands and eight facilities in Italy, Spain, Germany and Ukraine. CFT is a technology leader in the fresh produce sorting, processing, and packaging niches. In 2019, the company generated revenue of Euro 254 million with approximately 40% coming from Europe, 23% from North America and the remainder from other regions.
Following completion of the tender offer, CFT will continue to operate through its established operational facilities and headquarters that ATS intends to maintain in Italy.
Subject to regulatory authorities, the transaction is estimated to close in the first quarter of 2021.
ATS 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, chemicals, consumer products, electronics, food, beverage, transportation, energy, and oil and gas. Founded in 1978, ATS employs approximately 4,200 people at 20 manufacturing facilities and over 50 offices in North America, Europe, Southeast Asia and China. The Company’s shares are traded on the Toronto Stock Exchange under the symbol ATA. Visit the Company’s website at www.atsautomation.com.
Source: ATS press release