Wright purchase buoys Robotic Technology Systems

Citation

(2001), "Wright purchase buoys Robotic Technology Systems", Industrial Robot, Vol. 28 No. 1. https://doi.org/10.1108/ir.2001.04928aab.008

Wright purchase buoys Robotic Technology Systems

Wright purchase buoys Robotic Technology Systems

Keywords Robotics, Software, USA

Robotic Technology Systems, which integrates robotic equipment and software, increased turnover more than fourfold following its reverse takeover of Wright Industries in the USA earlier this year.

Wright, which was bought for up to £80.8 million including debt and an earn-out in May, had already added £12.7 million to turnover of £26.8 million (£6.32 million) in the six months to 30 June.

Phil Johnson, managing director, said turnover would have been £67.4 million on a pro-forma basis. Aim-quoted RTS forged ahead with the deal despite the downturn on Nasdaq. "Our share price came down, but we went ahead because the acquisition was absolutely right for the company", he said.

Mr Johnson said the group's systems for automating pharmaceutical laboratories would be buoyed by the recent breakthrough in sequencing the human genome. The nuclear engineering business would be driven by the decontamination programme in the USA.

In the mobile telephone market for handset assembly systems, RTS has strong relationships with the likes of Nokia and Ericsson. Turnover in this division rose from £2 million to £17.8 million.