Duravant Acquires Key Technology for USD175m

Duravant LLC, a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors, has announced that it has entered into a definitive agreement to acquire Key Technology, a leading designer and manufacturer of digital sorting, inspection, conveying and processing equipment.

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 will commence a tender offer to acquire all of the outstanding shares of Key common stock for USD26.75 in cash, in a transaction valued at approximately USD175m.

Key Technology is a worldwide leader in advanced automation systems for food processing and other end markets. Their portfolio includes 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 multi-national customers with leading-edge technical, mechanical, optical and software-based solutions designed to optimize yield, quality and efficiency.

Mike Kachmer, president and CEO of Duravant, says: “Key Technology’s culture of customer-centric innovation and their ability to successfully launch new technology platforms has been a driving force behind their impressive growth.”

Jack Ehren, president and CEO of Key Technology, comments: “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.”

The transaction is expected to close in the first quarter of 2018. Key Technology will become a member of the Duravant family of operating companies.