Dec. 15 (UPI) -- Picea Robotics and its partner entered into a buyout deal with Roomba producer iRobot via court-supervised bankruptcy proceedings.
iRobot, the maker of the Roomba floor vacuum, announced Sunday it signed-off on a "restructuring support" agreement to merge with Santrum Hong Kong Co. and Shenzhen Picea Robotics Co. -- its secured lender and its primary contract provider -- to acquire the consumer robot company.
Company CEO Gary Cohen called it a "pivotal milestone in securing iRobot's long-term future" in financial growth and innovation.
"The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers and partners," according to Cohen.
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