Duravant to acquire Key Technology

 Equipment manufacturer Duravant has signed an agreement to acquire Key Technology, manufacturer of digital sorting, inspection, conveying and processing equipment.

Under the terms of the agreement, which has been unanimously approved by Key Technology’s board of directors, Duravant will acquire all of the outstanding shares of Key common stock for $26.75 in cash per share in a transaction valued at approximately $175 million. 

Key’s portfolio includes optical inspection and digital sorting systems, vibratory conveying systems, and process and preparation systems. With corporate headquarters in Walla Walla, Washington and facilities in the Netherlands, Belgium, Australia and Mexico, Key Technology serves national and multi-national customers.

Mike Kachmer, president and CEO of Duravant, said Key’s ability to successfully launch new technology platforms has been a driving force behind their growth and was one of the reasons why a deal was attractive.

Duravant serves customers and partners in over 190 countries worldwide across multiple sectors including food and beverage, agriculture, household goods, pharmaceuticals, distribution and industrials.

“The combined global infrastructure of Duravant and Key will also help us advance our commitment to increased geographic market and new application penetration,” said Jack Ehren, president and CEO of Key Technology.

The transaction is expected to close in the first quarter of 2018, subject to the tender and acceptance of at least a majority of the outstanding shares of Key common stock as well as other customary closing conditions. Following the close of the transaction, Key Technology will become a member of the Duravant family of operating companies.