Awea Mechantronic (TPE:1530) signed a memorandum of understanding with parent Goodway Machine, and Syntec Technology, to cooperate on automation and robotics development, according to a Wednesday Taiwan Exchange filing.

Shares slid about 4% in Thursday's midday trade.

The partnership will focus on smart manufacturing applications, technical support and overseas market expansion to improve integrated industrial solutions.

The company said the agreement is non-binding and currently has no material impact on its finances or operations.