Ocado is set to receive $350M from Kroger (KR) after the grocer opted to shut down three robotic warehouses and scrapped plans for another facility, James Davey and Yadarisa Shabong of Reuters reports. Kroger built the warehouses with Ocado in Maryland, Wisconsin, and Florida, all of which will close in January.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KR:
- Kroger price target lowered to $71 from $73 at JPMorgan
- Ocado to gain $350M from Kroger after deciding to close warehouses, Reuters say
- Kroger price target lowered to $70 from $78 at Wells Fargo
- Kroger Shells Out $350M to British Retailer Ocado after Robots Reversal
- Kroger Company: Strong Growth Potential and Strategic Investments Drive Buy Rating