Symbotic System to increase the speed,
efficiency and safety at which products are distributed across
Walmart’s 42 Regional Distribution Centers
Symbotic LLC, a revolutionary A.I.-powered supply chain
technology company, and Walmart Inc. announced an expanded
commercial agreement to implement Symbotic’s robotics and software
automation platform in all 42 of Walmart’s regional distribution
centers over the coming years. This is an expansion of Walmart’s
prior commitment to deploy Symbotic Systems in 25 regional
distribution centers.
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The end-to-end software-enabled high-density robotics platform
plays a strategic role in supporting the retailer’s goal of
modernizing its vast supply chain network and allows Walmart to
transform its regional distribution centers to provide faster
responsiveness to store orders, increased inventory accuracy and
higher capacity for receiving and shipping freight to stores. The
technology’s ability to build palletized loads of department-sorted
inventory ultimately enables Walmart to get products onto shelves
at its more than 4,700 stores more quickly, while also making one
of the toughest aspects of supply chain work – material handling –
safer and simpler. It also creates new, tech-enabled jobs, such as
cell operator and maintenance technician, that offer widely
applicable skills in robotics and technology.
“The expanded partnership with Walmart substantiates how our
technology is truly reinventing the traditional warehouse and
distribution of consumer goods across the supply chain,” said Rick
Cohen, Chairman, President and Chief Product Officer of Symbotic.
“As a technology platform with deep roots in warehousing and
distribution – our system addresses some of the biggest challenges
of today’s complex supply chain, such as inventory agility,
transportation cost and labor availability. Modernizing the
warehouse allows consumers to get what they need faster and creates
benefits for everyone including workers, customers and their local
communities.”
“The need for accuracy and speed in the supply chain has never
been more visible, and we’re confident that now is the time to move
even faster by scaling Symbotic’s technology to our entire regional
distribution center network,” said David Guggina, Senior Vice
President of Innovation and Automation, Walmart U.S. “Using
high-speed robotics and intelligent software to organize and
optimize inventory, the Symbotic System helps us get products to
our customers quickly and seamlessly by revolutionizing how we
receive and distribute products to stores.”
Walmart has already begun embedding Symbotic’s technology in
select regional distribution centers throughout its network. The
retrofitting process of all 42 regional distribution centers is
expected to be completed over the next 8+ years.
The Symbotic System
The Symbotic System is a first-of-a-kind automation technology
platform with a wide range of business use cases. The company
reinvented the traditional warehouse with an end-to-end system
powered by a fleet of fully autonomous robots and A.I.-powered
software. Combined with a unique high-density physical structure
the system improves efficiency, accuracy and agility while reducing
costs. Intelligent Symbotic software orchestrates a team of robots
to receive, store and retrieve a virtually limitless number of
SKUs. Using proprietary end-of-arm tools and vision systems to
output cases, totes and packages at industry-leading speeds.
For more information about the partnership, please refer to this
article from Walmart: Chain Reaction: We’re Partnering with
Symbotic to Bring High-Tech Automation to Our Supply Chain.
Symbotic has previously announced its entry into a business
combination agreement with SVF Investment Corp. 3 (NASDAQ: SVFC), a
special purpose acquisition company (SPAC), that is expected to
make Symbotic a public company listed on Nasdaq. In connection with
the proposed business combination, SVF filed a registration
statement on Form S-4 with the SEC (File No. 333-262529) (as
amended, the “Registration Statement”), which was declared
effective by the SEC on May 9, 2022, and also filed a final proxy
statement and prospectus of SVF on May 9, 2022 (the “Final Proxy
Statement/Prospectus”).
About Symbotic Symbotic is an automation technology
leader reimagining the supply chain with its end-to-end, AI-powered
robotic and software platform. Symbotic reinvents the warehouse as
a strategic asset for the world’s largest retail, wholesale, and
food & beverage companies. Applying next-gen technology,
high-density storage and machine learning to solve today's complex
distribution challenges, Symbotic enables companies to move goods
with unmatched speed, agility, accuracy and efficiency. As the
backbone of commerce Symbotic transforms the flow of goods and the
economics of the supply chain for its customers. For more
information, visit www.symbotic.com.
About Walmart Walmart Inc. (NYSE: WMT) helps people
around the world save money and live better - anytime and anywhere
- in retail stores, online, and through their mobile devices. Each
week, approximately 220 million customers and members visit
approximately 10,500 stores and clubs under 48 banners in 24
countries and eCommerce websites. With fiscal year 2021 revenue of
$559 billion, Walmart employs 2.2 million associates worldwide.
Walmart continues to be a leader in sustainability, corporate
philanthropy and employment opportunity. Additional information
about Walmart can be found by visiting
https://corporate.walmart.com, on Facebook at
https://facebook.com/walmart and on Twitter at
https://twitter.com/walmart.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, SVF’s and Symbotic’s expectations or
predictions of future financial or business performance or
conditions. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Generally, statements that
are not historical facts, including statements concerning our
possible or assumed future actions, business strategies, events or
results of operations, are forward-looking statements. These
statements may be preceded by, followed by or include the words
“believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,”
“will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or
“intends” or similar expressions. Such forward-looking statements
involve risks and uncertainties that may cause actual events,
results or performance to differ materially from those indicated by
such statements. Certain of these risks are identified and
discussed in SVF’s Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 23, 2022,
the Registration Statement, and the Final Proxy
Statement/Prospectus. These risk factors will be important to
consider in determining future results and should be reviewed in
their entirety. These forward-looking statements are expressed in
good faith, and SVF and Symbotic believe there is a reasonable
basis for them. However, there can be no assurance that the events,
results or trends identified in these forward-looking statements
will occur or be achieved. Forward-looking statements speak only as
of the date they are made, and neither SVF nor Symbotic is under
any obligation, and expressly disclaim any obligation, to update,
alter or otherwise revise any forward-looking statement, whether as
a result of new information, future events or otherwise, except as
required by law. Readers should carefully review the statements set
forth in the reports, which SVF has filed or will file from time to
time with the SEC.
In addition to factors previously disclosed in SVF’s Annual
Report on Form 10-K filed with the SEC on March 23, 2022, in the
Registration Statement in the Final Proxy Statement/Prospectus and
those identified elsewhere in this press release, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: ability to meet the closing conditions to a business
combination between SVF and Symbotic (the “Business Combination”)
pursuant to that certain Agreement and Plan of Merger, dated
December 12, 2021 (the “Merger Agreement”), by and among SVF,
Warehouse Technologies LLC, Symbotic Holdings LLC and Saturn
Acquisition (DE) Corp., including approval by shareholders of SVF
and unitholders of Symbotic on the expected terms and schedule;
delay in closing the Business Combination; failure to realize the
benefits expected from the proposed transaction; the effects of
pending and future legislation; risks related to disruption of
management time from ongoing business operations due to the
proposed transaction; business disruption following the
transaction; risks related to the impact of the COVID-19 pandemic
on the financial condition and results of operations of SVF and
Symbotic; the occurrence of any event, change or other circumstance
that could give rise to the termination of the Merger Agreement or
the termination of any of certain subscription agreements entered
into by SVF with certain parties in connection with the Merger
Agreement; the amount of redemption requests made by SVF’s
shareholders; the effect of the announcement or pendency of the
transaction on Symbotic’s business relationships, performance, and
business generally; the ability to meet NASDAQ listing standards
following the consummation of the Business Combination; the amount
of the costs, fees, expenses and other charges related to the
transaction; the ability of SVF to issue equity securities in
connection with the transaction; and other consequences associated
with mergers, acquisitions and divestitures and legislative and
regulatory actions and reforms.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in SVF and is not intended to form the basis of an
investment decision in SVF. All subsequent written and oral
forward-looking statements concerning SVF and Symbotic, the
proposed transaction or other matters and attributable to SVF and
Symbotic or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
Important Additional Information and Where To Find It
This communication is being made in respect of the proposed
Business Combination involving SVF and Symbotic.
In connection with the proposed Business Combination, the
Registration Statement, has been declared effective by the SEC and
SVF filed the Final Proxy Statement/Prospectus on May 9, 2022. The
Final Proxy Statement/Prospectus has been sent to the shareholders
of SVF and unitholders of Symbotic, as of the respective record
dates for voting, seeking any required shareholder or unitholder
approval. Before making any voting or investment decision,
investors and security holders of SVF and Symbotic are urged to
carefully read the entire Registration Statement and Final Proxy
Statement/Prospectus and any other relevant documents filed with
the SEC, as well as any amendments or supplements to these
documents, because they will contain important information about
the proposed transaction. The documents filed by SVF with the SEC
may be obtained free of charge at the SEC’s website at www.sec.gov.
In addition, the documents filed by SVF may be obtained free of
charge from SVF at https://www.svfinvestmentcorp.com/svfc/.
Alternatively, these documents can be obtained free of charge from
SVF upon written request to SVF INVESTMENT CORP. 3, 1 Circle Star
Way, San Carlos, California 94070, United States Attn: Secretary,
or by calling 650-562-8100.
Participants in the Solicitation
SVF, Symbotic and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of SVF, in favor of
the approval of the Business Combination. Additional information
regarding the interests of those participants, the directors and
executive officers of Symbotic and other persons who may be deemed
participants in the transaction may be obtained by reading the
Registration Statement and the Final Proxy Statement/Prospectus and
any other relevant documents filed with the SEC when they become
available. Free copies of these documents may be obtained as
described in the preceding paragraph.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220523005351/en/
For Symbotic: Media Dan Scorpio
Abernathy MacGregor 646.899.8118 dps@abmac.com
Investors Jeff Evanson VP, Investor Relations and Corporate
Development ir@symbotic.com 978-284-8616
For SVF Investment Corp. 3 svfinvestmentcorp@softbank.com
For Walmart: 1-800-331-0085
news.walmart.com/reporter
SVF Investment Corporati... (NASDAQ:SVFC)
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