Billerica, Massachusetts–PRI Automation, Inc. has signed a strategic alliance agreement with Shinsung Engineering Co. Ltd., a South Korean manufacturer of semiconductor cleanroom equipment and other industrial systems. Under the terms of the deal, Shinsung will assemble PRI’s automated storage and retrieval systems for customers in Asia. In return, PRI is investing $12 million in Shinsung–giving PRI approximately 12% of outstanding shares with warrants that could expand to 19.5%.
“The agreement with Shinsung gives us the manufacturing capacity we need to better serve our growing base of Asian customers, and is one of the ways in which we are improving our manufacturing flexibility,” says Mitch Tyson, president and CEO of PRI.
PRI is a global supplier of advanced factory automation systems and software designed to optimize the productivity of semiconductor and precision electronics manufacturers, as well as OEM tool manufacturers.