Business
Statement regarding acquisitions
Statement regarding acquisitions.
About this update from Ocado Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8567D\n Ocado Group PLC\n 02 November 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE REGULATION (EU) NO 596/2014\n \n \n For immediate release\n \n \n London, 2 November 2020\n \n \n Ocado Group plc\n \n \n \n OCADO ACQUIRES KINDRED SYSTEMS AND HADDINGTON DYNAMICS TO ENHANCE ITS ROBOTIC MANIPULATION CAPABILITIES AND ACCELERATE THE COMMERCIAL DELIVERY OF ROBOTIC PICKING \n \n \n FOR ITS OSP CLIENTS. \n \n \n \n Ocado Group plc (\"Ocado\"), the leading online grocery platform and solutions provider, today announces the proposed acquisition of:\n \n \n · \n Kindred Systems Inc. (\"Kindred Systems\") an advanced piece-picking robotics company for consideration of approximately US$262 million (subject to closing adjustments); and\n \n \n \n \n \n \n · \n Haddington Dynamics Inc. (\"Haddington Dynamics\") a robotic-arm designer and manufacturer for consideration of approximately US$25 million (subject to closing adjustments).\n \n \n \n Tim Steiner, CEO of Ocado, commented:\n \n \n \n \n \"We consider the opportunities for robotic manipulation solutions to be significant, both for Ocado Smart Platform clients and across the fast-growing online retail and logistics sectors. Ocado has made meaningful progress in developing the machine learning, computer vision and engineering systems required for the robotic picking solutions that are currently in production at our Customer Fulfilment Centre (\"CFC\") in Erith. Given the market opportunity we want to accelerate the development of our systems, including improving their speed, accuracy, product range and economics.\n \n \n \n I am delighted to be welcoming Kindred Systems and Haddington Dynamics to the Ocado group, as we believe they have the capabilities to allow us to accelerate delivery, innovate more, and grow faster. I am also excited by the opportunity to enter new markets for robotic solutions outside of grocery that is demonstrated by Kindred Systems' robust growth, with existing customers such as Gap and American Eagle across the general merchandise and logistics sectors.\n \n \"\n \n \n \n Marin Tchakarov, CEO of Kindred Systems, commented:\n \n \n \n \n \"I am proud to see Kindred Systems and our brilliant team recognised by Ocado as a leader in robotic pick and p...