SK On is poised to invest in robotic automation developer Yuilrobotics to introduce a smart factory operation system to its US battery plants.
Korea Economic Daily reported that South Korean SK On’s SK Battery America will inject $26.8 million into Yuilrobotics’ rights offering. This was disclosed in a regulatory filing from Yuilrobotics, it said.
SK Battery America will then hold a 14.6% stake in the robot firm, making it the second biggest shareholder after Yuilrobotics’ founder Kim Dong-hun, who owns 42.8% of the shares.
The rights offering is being made on the junior Kosdaq exchange, where Yuilrobotics is listed. The company will issue 1.52 million shares at ₩24,014 ($17.7) each, and due to be completed by 10 June.
“We have decided on the deal to increase our productivity by using robotics technology. The technology can be introduced to not only the US-based facilities but also plants in other markets,” an SK Battery America official said, according to the news site.
It said the company entered into a six-party non-binding agreement with Beckhoff Automation, Cisco Systems, IFM Electronic, Yaskawa Electric Korea and Woowon Technology last December. They will collaborate on the IP of battery production equipment.
Yuilrobotics’ share price shot up 29.9% to close at ₩37,850 on 28 May after news of the rights offering was released.
