Duravant to acquire Key Technology for $175 million
The transaction brings together two global engineered equipment leaders and significantly extends Duravant’s reach across food processing with new complementary products and applications. Both companies produce equipment also for meat and poultry processors.
Duravant will launch a tender offer to acquire all of the Key Technology shares of common stock for $26.75 in cash, according to a press release.
“The combined global infrastructure of Duravant and Key will also help us advance our commitment to increased geographic market and new application penetration,” Jack Ehren, President and CEO of Key Technology, said.
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.
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.
Duravant serves customers and partners in over 190 countries worldwide across multiple sectors including food and beverage, agriculture, household goods, pharmaceuticals, distribution and industrials.
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