Business
ATS Launches Voluntary Tender Offer for Global Food & Beverage Equipment Supplier CFT S.p.A.
ATS Launches Voluntary Tender Offer for Global Food & Beverage Equipment Supplier CFT...
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[{"type":"text","content":"\n \n \n \n ATS Launches Voluntary Tender Offer for Global Food & Beverage Equipment Supplier CFT S.p.A.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n CAMBRIDGE, ON\n \n ,\n \n Dec. 7, 2020\n \n /CNW/ - ATS Automation Tooling Systems Inc. (TSX: ATA) (\"ATS\" or the \"Company\"), an industry-leading automation solutions provider, today announced its intention to acquire, by way of a voluntary public tender offer, CFT S.p.A. (BIT: CFT) (\"CFT\"), 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 (\n \n ~C$260 million\n \n ).\n \n \n \n \n \n \n \n \n \n \"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\n \n Andrew Hider\n \n , 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.\"\n \n \n \"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\n \n Roberto Catelli\n \n , 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.\"\n \n \n Established in 1945 and headquartered in Parma,\n \n Italy\n \n , CFT serves a global customer base through its portfolio of market-leading brands and eight facilities in\n \n Italy\n \n ,\n \n Spain\n \n ,\n \n Germany\n \n and\n \n Ukraine\n \n ...