"IRobot, which became well known for its robotic vacuums, has struggled of late, dealing with increased competition, layoffs and a declining stock price. In 2022 Amazon announced that it had agreed to buy iRobot for about $1.7 billion, but that deal was called off last year. Amazon blamed "undue and disproportionate regulatory hurdles" after the European Union signaled its objection to the transaction."
"iRobot said Sunday that it is now being acquired by Picea through a court-supervised process. Picea, or Shenzhen PICEA Robotics Co., Ltd., is iRobot's primary contract manufacturer.. With facilities in China and Vietnam, Picea has built and sold more than 20 million robotic vacuum cleaners. "The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers, and partners," iRobot CEO Gary Cohen said in a statement."
iRobot, maker of Roomba robotic vacuums, filed for Chapter 11 bankruptcy protection and is entering a court-supervised restructuring under an acquisition by Picea. The company faced increased competition, layoffs, and a falling stock price after a planned Amazon acquisition for about $1.7 billion was called off amid EU regulatory objections and a $94 million termination fee. Picea, Shenzhen PICEA Robotics Co., Ltd., is iRobot's primary contract manufacturer with facilities in China and Vietnam and more than 20 million units built. iRobot expects continued app functionality, customer programs, partner relations, supply chain operations, and product support during a prepackaged Chapter 11 process aiming to complete by February.
Read at Boston.com
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