May 9, 2019 / 7:29 AM / 2 months ago

Ocado buys stake in robotics start-up Karakuri

FILE PHOTO: A delivery van leaves the dispatch area of the Ocado CFC (Customer Fulfilment Centre) in Andover, Britain May 1, 2018. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - British online grocer Ocado said on Thursday it has purchased a minority stake in robotics start-up Karakuri.

Ocado said it has invested 4.75 million pounds ($6.2 million) for 18 percent of Karakuri and will take a seat on its board.

Karakuri’s technology centres around a new machine which automates the assembly of ready-to-eat meals.

If Ocado meets certain pre-agreed targets in the take-up of the technology, it would be given the right to purchase additional shares in the company.

Ocado said it expects to take delivery of the first of Karakuri’s automated machines in the second half of 2019.

Reporting by James Davey; Editing by Alistair Smout

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