AeroVironment [AVAV] on Tuesday said it closed its $45.4 million acquisition of German unmanned ground vehicles (UGV) developer and manufacturer Telerob, adding another dimension to its portfolio of robotic systems.
AeroVironment also said that ahead of the acquisition, the two companies bid together last fall on the U.S. Air Force’s 10-year Large Explosive Ordnance Disposal (EOD) robot program. The service hasn’t awarded a contract yet for the program.
AeroVironment in December announced it had agreed to acquire Telerob. Deal terms included AeroVironment paying off $9.4 million of Telerob’s debt at closing and also to pay up to another $7.3 million based on the achievement of certain milestones.
AeroVironment is best known for its family of small unmanned aircraft systems (UAS), ranging from a variety of handheld drones. In February, the company acquired Arcturus UAV, extending its portfolio into larger medium-endurance UAS. AeroVironment also provides lightweight tactical missile systems and a high-altitude solar-powered UAS to potentially provide wireless communications to an area.
Telerob provides a family of UGVs with lifting capacities ranging from 44-pounds to 220-pounds. The line of UGVs is used for EOD operations, hazardous materials handling, and chemical, biological, radiological and nuclear threat assessment. The company also offers a four-wheel drive UGV for reconnaissance and remote delivery.
“Our acquisition of Telerob marks a significant expansion to our portfolio of intelligent, multi-domain robotic systems, from small and medium unmanned aircraft systems, to tactical missile systems and now, unmanned ground vehicles,” Wahid Nawabi, president and CEO of AeroVironment, said in a statement. Combined with Telerob, AeroVironment has customers in the U.S. and more than 50 allied countries.
AeroVironment, which is based in California, said the acquisition is expected to be accretive to its earnings per share within two years.