Teradyne to acquire Danish Universal Robots
Teradyne and Universal Robots (UR) have signed a definitive agreement under which Teradyne will acquire privately held Danish collaborative robot manufacturer Universal Robot.
Teradyne will acquire UR for USD 285 million net of cash acquired plus USD 65 million if certain performance targets are met extending through 2018. The acquisition has been approved by the Board of Directors of each company and is expected to close in the second quarter of 2015 subject to customary closing conditions and regulatory approval.
Collaborative robotics is a USD 100 million segment of the industrial robotics market growing at more than 50% per year.
“Universal Robots is the technology and sales leader in the fast growing collaborative robot market and we are excited to have them join Teradyne,” said Mark Jagiela, President and CEO of Teradyne. “This acquisition complements our System and Wireless Testtest is test businesses while adding a powerful, additional growth platform to Teradyne.”
“The combination will boost our ability to innovate and recruit even more and thus will extend our lead within collaborative robotics and be of benefit to all our end-users and partners. At the same time, we are proud to add a brand new line of business to Teradyne,” said Enrico Krog Iversen, CEO of Universal Robots. “Our operations have been profitable since late 2010. Teradyne’s world-class engineering and support capabilities and strong financial position will help accelerate the growth of our collaborative robots in new and existing markets, especially in Asia where Teradyne holds a very strong position.”