Magok District in Gangseo-gu, Seoul Likely Chosen
Specialized Personnel Recruitment to Be Completed in First Half of the Year
TXR Robotics, a subsidiary of Eugene Group currently undergoing an initial public offering (IPO), is preparing to transition into a specialized robotics company. The plan is to redefine the company's identity at the time of listing while securing momentum for long-term growth. Accordingly, TXR Robotics plans to establish an artificial intelligence (AI) research institute in the near future.
A view of the TXR Robotics smart factory and Robot Convergence Research Institute in Gangseo-gu, Busan. Provided by Eugene Group
According to a comprehensive report by Asia Economy on the 21st, TXR Robotics will establish the AI research institute in the first half of this year. The Magok district in Gangseo-gu, Seoul, which has emerged as a hub for research and development (R&D), is reportedly the most likely candidate for the location.
TXR Robotics is in the process of hiring or reallocating specialized personnel to coincide with the establishment of the research institute. They are selecting staff in various departments such as design, software, and customer service (CS) at their headquarters in Bucheon, Gyeonggi Province, and their office in Busan. Among these, AI research personnel selected at the Bucheon headquarters will be assigned to the new research institute once it is completed.
A TXR Robotics representative stated, "Through the establishment of the new AI research institute, we plan to enhance the technology of existing products such as autonomous driving robots and collaborative robots, and to launch new products like cleaning robots and firefighting robots. We are also recruiting specialized personnel to advance from the current logistics automation system to a fully specialized robotics company."
This initiative reflects the group's determination to improve its structure by adopting the 'robotics industry' as a new growth engine. TXR Robotics was formed last year when Taeseong System, Eugene Group’s logistics subsidiary, merged with the robotics specialist company 'Rotal.' The goal is to combine their strength in logistics automation technology with promising robotics technology to focus on the 'logistics and robotics automation sector.'
Yoo Seok-hoon, president of Eugene Corporation and third-generation owner of Eugene Group, is leading this process. Eugene Group, which primarily operates in ready-mixed concrete and basic building materials, has been continuously seeking new breakthroughs as conditions in its core businesses worsen due to the construction market downturn. TXR Robotics is at the center of this strategy, according to the group.
Last October, TXR Robotics accelerated its robotics technology research by completing a smart factory and robotics convergence research institute with a total floor area of 3,472㎡ (1,050 pyeong) on a site in Gangseo-gu, Busan.
TXR Robotics’ recent moves are also seen as a display of confidence in its upcoming listing. The company is preparing for a KOSDAQ listing targeted for March. Institutional investor demand forecasting will begin on the 26th of this month, followed by a general subscription starting on the 10th of next month.
The public offering size is expected to be around 35.4 billion to 41.5 billion KRW, with an estimated market capitalization of about 200 billion KRW. Most of the funds raised through the listing will be used for robotics technology R&D and talent acquisition. This listing is notable as it is the first affiliate listing for the group in 14 years.
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