Singapore Technologies Engineering Ltd (ST Engineering) has acquired Pittsburgh, PA-based robotics firm Aethon Inc through Vision Technologies Land Systems, Inc. (VTLS), and its wholly-owned subsidiary, VT Robotics, Inc, for $36 million.
The acquisition will be carried out by way of a merger with VT Robotics, a special newly incorporated entity established for the transaction. The merger will see Aethon as the surviving entity that will operate as a subsidiary of VTLS, and will be part of the the ST Group’s Land Systems sector. Aethon’s leadership team and employees will remain in place and the company will continue to operate out of its Pittsburgh, PA location.
ST Engineering, S63 on the Singapore Stock Exchange, is a Singapore-based integrated defense and engineering group focused in aerospace, electronics, and land, sea and air unmanned systems for the battlefield. It employs over 21,000 people and has annual revenues of around $5 billion.
“We evaluated the autonomous mobile robotics market thoroughly. Our evaluation led us to conclude that Aethon was the best company in this space having the right technology along with proven success in the commercialization and installation of autonomous mobile robots. We look forward to working with the Pittsburgh, PA team to grow the company,” says Khee Loon Foo, General Manager, Kinetics Advanced Robotics of ST Kinetics.
Aethon provides intralogistics in manufacturing and hospital environments by delivering goods and supplies using its TUG autonomous mobile robots. TUGs are self-driving autonomous robots capable of hauling or towing up to 1,400 lbs as it dynamically and safely navigates around people and the corridors of client facilities.
“This acquisition is a terrific event for our company, employees and our customers since it provides Aethon with the resources and corporate backing to grow and develop new innovative robotic technology and more aggressively pursue new markets. We will now be able to expand our development capabilities to enhance our current technology and bring exciting logistics solutions to new vertical and global markets,” says Aldo Zini, CEO of Aethon.