BENTONVILLE (dpa-AFX) - Symbotic Inc. (SYM), an AI-powered robotics and supply chain automation technology company, announced an expanded commercial agreement with retail major Walmart Inc. (WMT) to extend automation across 25 regional distribution centers in the U.S.
The expanded deal involves an initial spending commitment of approximately $6 billion, with the work expected to be carried out across multiple locations over several years.
Symbotic's technology portfolio includes its BreakPack each-picking system and SymMicro micro-fulfillment solution for e-commerce.
The expansion brings additional automation capabilities to Walmart's U.S. distribution network, with a focus on improving inventory management for e-commerce operations, increasing storage capacity and streamlining the movement of goods.
The new capabilities are expected to help Walmart expand its product offerings, speed up deliveries and improve the availability of products across its distribution network.
The companies have worked together for more than a decade, with the expanded agreement building on their existing collaboration.
In pre-market activity on Nasdaq, Symbotic shares were trading 1.87 percent higher at $38.10 and Walmart shares were trading 1.44 percent higher at $123.00 on the Nasdaq.
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