Walmart will retrofit all 42 of its regional distribution centers with Symbotic's automation over the next eight-plus years.
estimates Cohen and his wife Jan’s wealth at $6 billion, the majority of it coming from Symbotic rather than C&S.
The expanded Walmart deal comes as warehouse logistics have been in the spotlight, as consumers demand ever faster shipments of ecommerce orders and stores, too, need speed and reliability to stock their shelves. Symbotic’s ability to build palletized loads of sorted inventory can help Walmart get products to its more than 4,700 stores quickly. Joe Metzger, executive vice president of supply chain operations at Walmart U.S.
Walmart will retrofit all 42 of its regional distribution centers with Symbotic’s robotics over the next eight-plus years. In addition to Walmart, Symbotic’s customers include Albertsons and Target, as well as Cohen’s own C&S. Its revenue increased to $173 million for the six months ended March 26, up six-fold from the $29 million it reported in the same period the previous year. The company posted a $53 million net loss in that period, and a $122 million net loss for the 2021 year, according toSymbotic’s backlog of committed sales is now more than $11 billion.
Symbotic is expected to begin trading on Nasdaq under the ticker SYM. The SPAC, known as SVF Investment Corp. 3, is slated to hold a virtual special meeting on the deal on June 3.
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