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Ocado to buy two robotics companies for US$287 million

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Ocado, the British online supermarket and technology group, said on Monday it would buy two robotics companies for a total of US$287 million.

FILE PHOTO: An Ocado delivery van is driven along a road in Hackney, London, Britain, April 2, 2020. REUTERS/Simon Newman/File PhotoThe group said it was buying Kindred Systems Inc for US$262 million and Haddington Dynamics Inc for US$25 million.Ocado also upgraded the full-year core earnings outlook for Ocado Retail Ltd, its joint venture with Marks & Spencer, due to strong fourth quarter trading so far.

It expects full year earnings before interest, depreciation and amortisation for Ocado Retail to be over 60 million pounds, versus previous guidance of over 40 million pounds.

 

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