© miele Business | December 08, 2017

Miele increases stake in Korean partner Yujin Robot

The German domestic appliance company Miele is set to intensify its strategic cooperation with the Korean robotics specialist Yujin. The company is currently producing the jointly developed Scout robovac for Miele.
The common goal of the two companies is furthermore to open up new applications in the field of robotics. To this end, Yujin is increasing its equity and, as part of this, the Miele Group is injecting capital to the tune of EUR 40 million.

Yujin Robot was founded in 1988 in the Korean capital Seoul. The company develops, produces and markets robotic products and components for use in households, businesses, logistics and further applications. Today, Yujin records an annual turnover of EUR 45 million with a workforce of around 150. The partnership between the two companies dates back to 2012 and the joint development of a robovac for domestic use.

Miele's increased stake in Yujin is an expression of both parties' intention to sustainably intensify and expand their cooperation. This goes beyond the robovac segment which continues to experience strong growth.

"Both with a view to the product range and automation of production as in Smart Manufacturing, robotics is steadily increasing in significance at Miele. That’s why we are so pleased at having found such a first-class partner in Yujin with whom to shape our joint future", says Dr. Stefan Breit, Miele Group board member responsible for technology. Collaboration with Dr. Kyung Chul Shin, second-generation CEO of Yujin, and his local management team is a 'central element' in this respect, a press release reads.

Shin sees the Miele Group as a strong and reliable partner offering a stable equity structure whilst maintaining the autonomy of the company: "By pooling expertise and resources we are able to exploit huge opportunities in the development of new products and technologies and in tapping new markets".


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July 18 2018 5:55 pm V10.0.0-2