Acquisition A Perfect Marriage With ST Kinetics’ Robotics Businesses
On 17 July, Singapore Technologies announced it has agreed the acquisition of Aethon, a Pittsburgh, PA/USA-based developer of industrial robotics. VT Robotics, a wholly-owned subsidiary of Vision Technologies Land Systems (which is headquartered in Alexandria, VA and is part of the group’s Land Systems sector led by Singapore Technologies Kinetics), will be merged with Aetheon. Subject to closing conditions, the transaction is expected to complete by Q3 2017.
The transaction places a value of approx. U$36 million on Aethon, which is best known for its TUG smart autonomous mobile robot, currently in service at over 164 sites worldwide, including hospitals, hotels and manufacturing plants. TUG helps to automate logistics in industrial, healthcare, hospitality and other environments, autonomously carrying loads of up to 635kg per unit.
Aethon is a perfect marriage with ST Kinetics’ existing robotics technologies and will help leverage the company’s technological capabilities and market access to develop the Asia Pacific markets for the industrial, healthcare and hospitality segments. Aethon will further consolidate its leading position in the US healthcare segment, expand its footprint in the industrial and hospitality segments and concurrently penetrate the European market.