Key Technology buys Belgian digital dorter maker
Key Technology, Walla Walla, Washington, USA, provider of process automation systems, has acquired V…Key Technology, Walla Walla, Washington, USA, provider of process automation systems, has acquired Visys NV, Hasselt, Belgium, supplier of digital sorters. Visys becomes a wholly-owned subsidiary of Key as of Feb. 28.
Under terms of the agreement, shareholders of privately-owned Visys were to receive approximately $13 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.
Frank Zwerts, president and ceo 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.
