Symbotic rises after co to acquire Walmart's robotics business
16/01/2025 12:00
** Shares of robotics vendor Symbotic SYM.O up 13.5% at
$30.39 premarket after co to acquire retail bellwether Walmart's
advanced systems and robotics business for $200 mln in cash
** Symbotic to develop an "advanced solution" to automate
Walmart's Accelerated Pickup and Delivery centers (APD), with an
initial order covering hundreds of stores, co says in a
statement
** Symbotic to also participate in a development program
funded by Walmart to enhance current online pickup and delivery
fulfillment systems and to design new systems
** If performance criteria are achieved, Walmart committed
to purchasing and deploying systems for 400 APDs at stores over
a multi-year period and adding additional APDs in the coming
years
** Deal expected to close in SYM's fiscal Q2, 2025
** In 2024, SYM's stock fell 53.8%
(Reporting by Juveria Tabassum in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com;))