Rockwell Automation Inc., a major player in industrial automation, is set to acquire Clearpath Robotics Inc., an autonomous robot manufacturer based in Waterloo, Ontario, in a deal valued at over US$600 million.
While the exact price remains undisclosed, sources suggest an upfront payment of between US$550 million and US$600 million, with potential additional payouts contingent on Clearpath meeting undisclosed performance targets.
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Clearpath Robotics will become part of Rockwell’s intelligent devices division, with the deal expected to close this year. This acquisition, announced by Rockwell in a press release, follows a competitive bidding process where Rockwell outperformed other potential buyers, concluding a strategic evaluation period for Clearpath that began last year, exploring options such as growth financing or a complete or partial sale.
Founded in 2009 by University of Waterloo graduates, Clearpath originally focused on demining technology before transitioning to develop driverless vehicles for hazardous tasks in manufacturing and industrial plants.
Here are a few things that employees at Clearpath should know about their employment rights during the purchase process.
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