USA – Duravant has agreed to acquire Key Technology, a designer and manufacturer of digital sorting, inspection, conveying and processing equipment in its quest to provide global engineered equipment and automation solutions to the food industry.
According to the company, this acquisition will extend Duravant’s scope in providing industrial solutions ranging from food processing, packaging and material handling.
Duravant will utilize the equipment and the various applications used by Key Technology, providing its customers with complementary technological solutions in food processing.
Key Technology, a comprehensive source of digital sorting, conveying and process automation technologies for the food processing, pharmaceutical, and other industries will sell all of the outstanding shares for US$26.75 in cash.
The transaction that would likely take an approximately US$175 million dollars, will see a Duravant enjoy Key Technology’s vast portfolio that includes highly intelligent optical inspection and digital sorting systems, vibratory conveying systems, and process and preparation systems.
Key technology has been on the global map providing solutions in advanced automation systems to the food processing and other industry-related markets.
The company had established its presence not only at its headquarters in Washington but also globally with manufacturing sites in Netherlands, Belgium, Australia and Mexico.
“Key Technology is truly excited and honored to join Duravant, and we have great expectations for the future of our combined teams,” said Jack Ehren, President and CEO of Key Technology.
“Duravant’s strong commitment to investment and growth will enable Key to accelerate the execution of our overall strategic plan and even further enhance our customer partnerships.”
Duravant has been engineering a global outlook through the recent acquisition of Ohlson Packaging, a weighing, counting, and filling machine manufacturer expanding its portfolio and strengthening integration and service capabilities.
The company delivers quality services and products to a wide range of customers 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,” added Mr. Ehren.
However, the manufacturer of automated systems, Key Technology will be incorporated into Duravant’s group of companies benefiting from its worldwide sales distribution and service networks.