Monday, February 25, 2013

Key Technology Buys Belgium Company

Walla Walla, Washington-based Key Technology, a developer of process automation technology, said today that it has merged with Visys NV, a provider of equipment used in food processing and waste recycling. Key Technology said that it will pay approximately $13.0M in cash, 600,000 shares of Key Technology Common stock, and 250,000 Key Technology warrants for Visys, worth approximately $21M. Key Technology said that Visys will continue to operate in Hasselt, Belgium, as a wholly owned subsidiary of the company. Visys develops technology used for automated, digital sort of food, to remove foreign material and defects from product streams.