ATS Automation Tooling Systems Inc said its French solar manufacturing unit will cut its production capacity by two-thirds, after it failed to secure a buyer for the plant.Solar makers are suffering amid a 40 percent drop in prices of the panels that has squeezed profit margins across the industry.The Canadian company, which has been hurt by lower subsidies for solar power in France and Germany, said its Photowatt France unit will cut the number of workdays.Earlier this week, ATS Automation had said it had failed to secure a buyer for its French solar unit due to the drop in demand for solar products in Europe.
ATS Automation Tooling Systems Inc. (ATS) operates in two business segments: Automation Systems Group (ASG) and Photowatt Technologies (Photowatt). Shares of ATA remained unchanged at $6.35. In the past year, the shares have traded as low as $5.85 and as high as $8.40. On average, 104147 shares of ATA.TO exchange hands on a given day and today's volume is recorded at 32275.
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