Blackstone agrees to invest in South Korean robotics supplier Futronic
This values the firm at around US$675 million, according to people familiar with the matter
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BLACKSTONE has agreed to invest in Futronic, a South Korean supplier of high-precision actuators used in industrial robotics and the automotive sector.
Affiliated private equity funds will make a “significant investment” in Futronic, Blackstone said a statement Monday (Jul 20), without elaborating.
Futronic’s founder, Ko Jin-ho, will remain as chairman and chief executive officer, working with Blackstone to accelerate its global growth, according to the statement.
The investment values Futronic at about one trillion won (US$675 million), people familiar with the matter said, asking not to be identified discussing private information. A representative for Blackstone declined to comment on the value.
“Blackstone shares our vision of delivering advanced mechatronic solutions to our valued customers and partners, and their unique scale and global platform will help drive our expansion and solidify our leadership in actuation and motion control solutions,” Ko said in the statement.
Eugene Cook, head of Korea for Blackstone Private Equity, added that Futronic’s research and development and engineering capabilities position it well for rapid growth in automotive and robotics markets.
The convergence of artificial intelligence and the physical world is also a key investment theme for the firm, said Blackstone Private Equity principal Song Kyung-min. BLOOMBERG
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