October 28, 2011 / 11:40 AM / in 6 years

UPDATE 1-ATS Automation's French unit to cut output

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Oct 28 (Reuters) - 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.

Shares of the company, which have lost about 4 percent in value since last week, closed at C$6.35 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Gopakumar Warrier)

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