South Korean collaborative robotics manufacturer Doosan Robotics announced Monday it will acquire an 89.59% stake in ONExia, a Pennsylvania-based automation engineering firm, for $25.9 million (35.6 billion won). The deal marks the company’s first major overseas acquisition as it attempts to pivot from its traditional hardware-centric business model.
Founded in 1984, ONExia delivers end-to-end automation services, from system design and manufacturing to implementation, specializing in collaborative robotic systems for palletizing, box assembly, and packaging processes. The company has achieved consistent average annual sales growth of around 30% in recent years by focusing on end-of-line automation solutions.
The acquisition represents a strategic shift for Doosan Robotics, which has been seeking to expand beyond its core collaborative robot manufacturing business. With trailing 12-month revenue of $34.3 million as of December 2024, the Korean company views ONExia’s 25 years of accumulated automation data and project execution experience as crucial for developing AI-driven robotics solutions.
Doosan Robotics views the acquisition as a key stepping stone toward accelerating its global competitiveness in the intelligent robotics market, according to the company’s announcement. The deal signals management’s recognition that hardware alone may not sustain growth in an increasingly software-driven robotics industry.
ONExia’s Pennsylvania location provides Doosan with a foothold in the North American market, where demand for collaborative robotics solutions has been growing. The acquisition comes as the broader robotics industry faces pressure to demonstrate profitability beyond traditional hardware sales.
Alongside the acquisition, Doosan Robotics is restructuring its research and development organization to emphasize AI, software development, and humanoid technologies. The company plans to complete construction of a new R&D Innovation Center by the third quarter of 2025.
The transaction follows Doosan Robotics’ October 2023 initial public offering, which raised $317 million and valued the company at over $1 billion. However, questions remain about whether the acquisition premium reflects realistic expectations for synergies between the two companies’ distinct operational models.
