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Tennant's stock rallies after deal with Walmart to provide robot floor cleaners

Tomi Kilgore

Shares of Tennant Co. rallied 2.6% in morning trade Wednesday, after the company announced a new deal with Walmart Inc. to provide the retail behemoth with T7AMR robot floor cleaners. Financial terms of the deal were not disclosed. "We are proud to partner with Walmart, the first major global retailer to introduce autonomous cleaning robots to deliver operational efficiency, cleaning performance and customer value on a broad scale across a retail platform," said Tennant Chief Executive Chris Killingstad. The deal comes as Walmart expands its use of robots to also help monitor inventory and unload trucks. Tennant's stock has rallied 21% year to date, while Walmart shares have gained 6.5% and the Dow Jones Industrial Average has climbed 12%.