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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.