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© rawpixelimages dreamstime.com Business | July 18, 2017

ST Engineering acquires Aethon

Vision Technologies Land Systems, Inc. (VTLS), and its wholly-owned subsidiary, VT Robotics, Inc. have entered into a definitive agreement to acquire 100 percent interest in Aethon.
VT Robotics and Aethon will be merged, with Aethon being the surviving entity. Upon the completion of the Proposed Transaction, Aethon will be a subsidiary of VTLS, and will be part of the Group’s Land Systems sector which is led by Singapore Technologies Kinetics Ltd (ST Kinetics).

Under the Merger Agreement, a consideration based on an enterprise value of USD 36 million will be payable by VTLS, subject to post closing adjustments.

“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.

Based in Pittsburgh, PA, Aethon is best known for its TUG smart autonomous mobile robot which helps automate intra-logistics in industrial, healthcare, hospitality and other commercial environments. Its robots are used to deliver goods, materials, meals, medication and other supplies up to a load of 635 kg per robot. TUG robots have been deployed in more than 164 customer sites (including hospitals, hotels and manufacturing plants) across the globe.

Subject to certain closing conditions, the Proposed Transaction is anticipated to complete by the third quarter of 2017.

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October 16 2017 2:56 PM V8.8.6-2