US-based engineered equipment and automation solutions provider Duravant has acquired automation systems manufacturer, Key Technology, for about $175m.
Based in Walla Walla of Washington, Key Technology is engaged in the design and manufacturing of digital sorting, inspection, conveying and processing equipment.
Under the deal, Duravant purchased Key Technology’s common stock by paying $26.75 per share in cash.
Key Technology supplies advanced automation systems for food processing and other end markets.
The company’s product portfolio includes intelligent optical inspection and digital sorting systems, vibratory conveying systems, and process and preparation systems.
With facilities in the Netherlands, Belgium, Australia and Mexico, Key Technology also offers advanced technical, mechanical, optical and software-based solutions for the national and multi-national customers.
The acquisition will help Duravant to enhance its expertise in food processing segment with the addition of new complementary products and applications.
Duravant president and CEO Mike Kachmer said: “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.
“As we welcome the Key Technology team to the Duravant family of brands, we look forward to growing that legacy through continued innovation of cutting-edge solutions.”
Key Technology president and CEO Jack Ehren said: “Key Technology is very much aligned with Duravant’s strong commitment to investment and growth, which will enable Key to accelerate the execution of our strategic priorities.”
Based in Downers Grove of Illinois, Duravant provides engineered equipment and automation solutions to the food processing, packaging and material handling sectors.
In January this year, Duravant acquired weighing, counting and filling machine manufacturer Ohlson Packaging.
Based in Taunton of Massachusetts, Ohlson Packaging produces automatic food packaging lines and provides a complete line of solutions for packaging products into bags, bottles, boxes, premade pouches, cups, containers, trays and MAP systems.
The company produces linear weighers, vertical baggers, pouch machines, bucket elevators, rotary tables and supply hoppers.
