FRANKFURT, Aug. 5 (Xinhua) -- German truck giant KION Group said on Wednesday that it has entered a strategic partnership with Quicktron, a Chinese robotics company offering automated warehouse solutions.
Both companies recently signed a distribution agreement and a memorandum of understanding on their joint development plans, KION said in a statement.
According to the agreement, Quicktron products are to be distributed via the global sales and service networks of the KION brands Linde Material Handling, STILL and Dematic. KION also plans to acquire a minority stake of less than 10 percent in Quicktron.
"We are delighted to be forming this strategic partnership with Quicktron. We can offer our customers an even more extensive product range in the automated truck segment," said Gordon Riske, chief executive officer (CEO) of KION Group AG.
Quicktron's CEO Yang Wei said that the partnership will enable both companies to harness their combined strengths to exploit market opportunities in China and around the world more effectively.
KION Group is a leading German supplier of industrial trucks, related services and supply chain solutions. In the fiscal year 2019, the revenue of KION Group climbed by 10.1 percent year-on-year to 8.81 billion euros (10.43 billion U.S. dollars).
Founded in 2014 in Shanghai, Quicktron offers intelligent warehouse solutions through the use of autonomous mobile robots and currently employs around 400 individuals worldwide.