Electronic testing company completes acquisition of robotics company
Teradyne, a provider of electronic testing equipment, has completed its acquisition of Denmark-based Universal Robots for $285 million. Universal Robots, which was founded in 2005, specializes in developing collaborative robots, which are designed to work and interact safely with production workers to improve quality and increase manufacturing efficiency on the plant floor. The company’s robots are designed to perform automated tasks such as machine tending, packaging, painting, polishing, and assembling parts. They are designed for industries such as food and beverage, chemical and pharmaceutical, and metal and machining.
Universal Robots recently moved into a 130,000-sq-ft facility in Odense, Denmark (100 miles east of Copenhagen) and have grown their network of integrators and distributors to almost 200 worldwide. The company achieved $38 million in sales for 2014, which was 70% greater than their 2013 sales. The $100 million collaborative robotics market, which is growing at a rate of more than 50% per year, gives Teradyne early access to an emerging market that is poised for continued rapid growth.
The company also recently released their line of smaller UR3 robots. The UR3 is designed to handle payloads of up 6.6 lb and can perform tasks such as mounting small objects, operating tools, soldering, and painting in scientific, pharmaceutical, agriculture, and electronics and technology facilities.
Teradyne will provide Universal Robots with revenue synergies and a global reach that will help accelerate Universal Robots’ growth, but the company will operate as an independent business unit. The agreement calls for $285M in cash and an additional $65M if certain performance targets are met through 2018 thereby bringing the overall sales price to $350 million.
– Edited by CFE Media. See more Control Engineering robotics stories.