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.
