Rockwell Automation To Acquire Clearpath Robotics

(RTTNews) - Rockwell Automation Inc. (ROK) said it agreed to acquire Ontario, Canada-based Clearpath Robotics Inc., a leader in autonomous robotics for industrial applications.

Rockwell expects that the acquisition will contribute a percentage point to its fiscal 2024 revenue growth.

Founded in 2009, Clearpath got its start offering robotics technology to global research and development markets, and in 2015, launched its OTTO Motors Division.

The acquisition will be funded by a portion of the proceeds from the sale of Rockwell's investment in PTC. It is subject to customary regulatory approval and is expected to close in the first quarter of Rockwell's fiscal year 2024.