Duravant acquires Key Technology for US$175 m
Duravant, an automation and engineered equipment company, is moving further into the food processing industry with its recent acquisition of Key Technology for about US$175 million.
A global manufacturer of automation systems, Key Technology has a significant international reach with corporate headquarters in Walla Walla, Washington, and facilities in the Netherlands, Belgium, Australia and Mexico. Its portfolio of products includes optical inspection and digital sorting systems, vibratory conveying systems, and process and preparation systems.
Both companies suggest the acquisition will be mutually beneficial, especially considering their shared interest in customer relationships.
“Key Technology’s culture of customer-centric innovation and their ability to successfully launch new technology platforms has been a driving force behind their impressive growth. Our two organisations share the same unwavering commitment to solving complex challenges for our customers through innovation,” Duravant President and CEO Mike Kachmer said.
Key Technology President and CEO Jack Ehren similarly stated he has “great expectations” for the future.
“Duravant’s strong commitment to investment and growth will enable Key to accelerate the execution of our overall strategic plan and even further enhance our customer partnerships.”
Currently, Duravant operates in over 190 countries across multiple sectors including food and beverage, agriculture, household goods, pharmaceuticals, distribution and industrials. As a result, the deal will allow both companies to expand their presence in new and existing markets.
“The combined global infrastructure of Duravant and Key will also help us advance our commitment to increased geographic market and new application penetration,” said Ehren.
After the transaction has been completed, which is predicted to happen in the first quarter of 2018, Key Technology will become a member of the Duravant family.
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