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Sarcos Completes RE2 Acquisition; Kiva Allgood Quoted

Sarcos Technology and Robotics (Nasdaq: STRC) has completed its $100 million acquisition of Pittsburgh-based autonomous robot builder RE2.

Sarcos said Monday it expects to add work through RE2’s government contracts and developmental partnership with Oshkosh’s (NYSE: OSK) JLG Industries subsidiary.

The transaction, which was first announced in March, consisted of $30 million in cash plus 14 million shares of Sarcos common stock representing a 5.7 percent dilution to the company’s stockholders.

“I have had the opportunity to work closely with the RE2 team, and our capabilities and objectives are well matched,” said Kiva Allgood, president and CEO of Sarcos.

Allgood added that the two companies aim to support customers in a wide range of industries and use cases with an integrated product lineup.

The acquisition adds client targets for Sarcos in the aviation, construction, medical and subsea markets, as well as expands the company’s robotics portfolio, engineering team and presence in Pennsylvannia.

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