This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Key Technology Signs Definitive Agreement To Acquire High-End Digital Sorter Innovator Visys

Transaction Enhances Technical Capabilities and Innovation, Creates Platform for Accelerated Growth

– Conference Call to Discuss Transaction Scheduled for Today at 10:00 a.m. EST –

WALLA WALLA, Wash., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Key Technology, Inc. (Nasdaq:KTEC), a complete solutions provider and worldwide leader in the design and manufacture of process automation systems, has signed a definitive agreement to acquire Visys NV, a supplier of innovative digital sorters. Under the agreement, Visys will become a wholly-owned subsidiary of Key Technology. The transaction is scheduled to be completed February 28.

Under the terms of the agreement, shareholders of privately-owned Visys will receive approximately $13.0 million in cash, 600,000 shares of Key Technology Common stock, and 250,000 Key Technology warrants. The total value of the deal is approximately $21 million. Visys, founded in 2004, had sales of approximately $12 million in 2012. The transaction is expected to be accretive within the first twelve months.

"Combining with Visys represents a pivotal step in implementing our accelerated growth strategy, expanding in current and new markets, developing next-generation sorting technologies and strengthening our leadership position as one of the world's premiere providers of food processing equipment," said Jack Ehren, President and Chief Executive Officer of Key Technology. "Visys' talented management team, advanced technologies, and product solutions complement Key's strategic growth initiatives and will position the combined company as the market leader."

"Together, Key Technology and Visys create the most complete suite of high-performance digital sorting technologies available for food and other industrial markets," Ehren added. "Combining the two companies provides our broad global customer base with an unprecedented mix of products, solutions and services."

Frank Zwerts, President and Chief Executive Officer of Visys, will assume the position of President of EMEIA (Europe, Middle East, India and Africa) for Key Technology and will play a pivotal role in Key's global strategy and corporate development. Zwerts will also join the Key Technology board of directors, bringing the total number of board members to seven.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,106.70 +29.83 0.17%
S&P 500 2,000.02 +2.10 0.11%
NASDAQ 4,570.6370 +13.29 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs