[Asia Economy Reporter Jang Hyowon] Russell Robotics, a subsidiary of Russell, a domestic automation equipment specialist company (CEO Kwon Soonwook), announced on the 24th that it has signed an underwriting agreement for its initial public offering (IPO) with Korea Investment & Securities. Russell Robotics is preparing for an IPO aiming to be listed on the KOSDAQ market in 2022.
Russell Robotics holds the largest domestic reference in the AGV (Autonomous Guided Vehicle) field, a type of unmanned robot. Its technology capable of simultaneously controlling and operating more than 50 AGVs and its self-developed software have recently been recognized as essential solutions for efficiently handling 'inter-process logistics' in government-led smart factory dissemination projects.
In 2020, the company attracted investments from Korea Investment & Securities and Timewise Investment, recognizing its technological capabilities and growth potential. Additionally, the company is promoting new businesses based on MOUs signed with global companies SIEMENS and CJ OliveNetworks.
The standardized AGV forklift and 3-direction forklift, currently in the final development stage, are planned to be deployed in unmanned projects in restricted manpower environments such as pharmaceutical, food, and frozen warehouses. Furthermore, the service robots and AMRs (Autonomous Mobile Robots) under development by the company are expected to be utilized in various fields such as hospitals and restaurants in the future.
A Russell Robotics official stated, “Our standardized AGV forklift and 3-direction forklift are expected to become competitive smart factory solutions in the domestic process logistics market,” and added, “We plan to take the lead in activating various AI robots that can operate in environments closely related to daily life.” The official also said, “We will actively seek overseas expansion through continuous cooperation with the parent company and successfully complete the listing process.”
Meanwhile, Russell is the largest shareholder holding 42% of Russell Robotics’ shares. Russell is a semiconductor equipment and production automation equipment manufacturer, conducting smart factory construction projects in domestic semiconductor, electrical and electronic, logistics, food and beverage, and pharmaceutical sectors through its existing production automation division and its subsidiary Russell Robotics.
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