Two global engineered equipment companies merge
Duravant LLC in Downers Grove announced the completion of its acquisition of Key Technology Inc., a designer and manufacturer of digital sorting, inspection, conveying and processing equipment, for $26.75 per share in cash, without interest, and net of applicable withholding of taxes.
Duravant, a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors, first announced the acquisition agreement on Jan. 25.
As a result of the merger, Key Technology has become a wholly-owned subsidiary of Duravant and the common stock of Key Technology will no longer be listed for trading on the NASDAQ Global Select Market.
Key Technology is a worldwide leader in advanced automation systems for food processing and other end markets. Their portfolio includes highly intelligent 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 multinational customers with leading-edge technical, mechanical, optical and software-based solutions designed to optimize yield, quality and efficiency.
"Over the last 70 years, Key Technology has built a sterling reputation in its industry by focusing on delivering efficiencies and profits to their customers," said Mike Kachmer, president and CEO of Duravant.
The transaction brings together two global engineered equipment leaders and significantly extends Duravant's reach across food processing with new complementary products and applications. Duravant serves customers and partners in over 190 countries worldwide across multiple sectors including food and beverage, agriculture, household goods, pharmaceuticals, distribution and industrials. With a portfolio of world-class brands and automation solutions, Duravant connects equipment, integration and lifecycle management through the company's SupportPro services.