Vision Technologies Land Systems, a unit of ST Engineering, is acquiring robotics firm Aethon in a US$36 million (S$49 million) deal.
VT Robotics, a unit of Vision Technologies Land Systems, and Aethon will be merged, with Aethon being the surviving entity.
The acquisition of Aethon, a leading provider of autonomous mobile robots for material transportation and delivery, is in line with ST Engineering's focus to strengthen its robotics business, said a company statement yesterday.
Based in Pittsburgh in the United States, Aethon is best known for its smart autonomous mobile robot, which helps automate logistics in sectors like industrial, healthcare and hospitality. The robots are used to deliver goods, medication, meals and other supplies, up to a load of 635 kg per robot. They have been deployed in more than 164 sites worldwide.
China Kunda Technology Holdings
China Kunda Technology Holdings expects to report a net loss for the first quarter ended June 30, compared with the same period a year earlier.
This is due in part to a significant decline in revenue amid adverse market conditions in its automobile component parts business, the firm said yesterday.
The company also recorded a net foreign currency exchange loss in the quarter arising from the depreciation of the Hong Kong dollar against the yuan.
Further details of the group's financial performance will be disclosed in its results to be released before Aug 14.
Ocean Sky International
Tiong Seng Holdings and Ocean Sky International have formed a joint venture to acquire and develop two freehold residential sites in Jervois Road that were bought for $21 million.
Ocean Sky said the proposed acquisition will allow the group to expand its residential development activities here and that its investment in the joint venture is a valuable opportunity for it to own highly attractive freehold sites in the prime district of Singapore.
Tiong Seng said the acquisition will add to its property development portfolio and strengthen its capabilities.