[THE INVESTOR] Miele, a German manufacturer of domestic appliances and commercial equipment, has acquired majority stake in leading Korean robotics firm Yujin Robot for 52 billion won (US$47.56 million), according to news reports on Dec. 8.
The German firm held an 11 percent stake in the company before the latest investment. Yujin Robot CEO Shin Kyung-cheol will reportedly retain his position.
Yunin Robot's cleaning robot, iClebo.
“Miele has begun incorporating robot technology into its products and Yujin plans to continue expanding overseas,” said Shin.
Yujin has had a close relationship with Milele since 2012 as the original design manufacturer for the company’s cleaning robot Scout. Its primary product is its cleaning robot iClebo that posted sales of 60.3 billion won in 2016 with 80 percent of its revenue coming from overseas. The robotics company has also unveiled its autonomous meal transport robot GoCart in Europe.
Miele is looking to upgrade its products using Yujin’s technology and plans to further its development and production in new areas through this cooperation.
By Alex Lee (firstname.lastname@example.org)