BUZZ-Symbotic shares fall after acquiring German automation company cellumation

October 13 - ** Shares of artificial intelligence robotics company Symbotic (SYM.O) fell more than 1% in pre-market trading to $40.36

** The company announced the acquisition of Germany-based automation company cellumation

** SYM stated that cellumation’s patented “celluveyor” technology consists of independently controlled hexagonal units, which can sort items while conveying them. The company expects this technology to replace traditional conveyor belts in its next-generation robotic units

** The company said this acquisition will enhance its market presence in Europe

** SYM said cellumation will continue to operate under its original name, selling products to customers and other system integrators; the founding team will remain and lead operations

** Specific financial terms of the transaction were not disclosed

** Among 18 brokerages, 10 rate the stock as “Buy” or higher, 5 as “Hold,” and 3 as “Sell”; median target price is $64.39—data compiled by LSEG

** As of the previous trading day’s close, the stock is down approximately 31.5% so far this year

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