Key Technology Completes Acquisition of High-end Digital Sorter Innovator Visys


WALLA WALLA, Wash. – Key Technology, Inc. (Nasdaq: KTEC), a complete solutions provider and worldwide leader in the design and manufacture of process automation systems, announced today that it has completed its previously announced acquisition of Belgium-based Visys NV, a supplier of innovative digital sorters.



Under the terms of the agreement, Visys became a wholly-owned subsidiary of Key Technology.  Shareholders of privately-owned Visys received 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 was approximately $21 million.  The transaction is expected to be accretive within the first twelve months.



Key and Visys will maintain headquarters in Walla Walla, Washington and Hasselt, Belgium, respectively. The combined company has approximately 560 employees worldwide.



About Visys NV

Established in 2004, Visys is a leading provider of high-performance digital sorting solutions to the global food and non-food processing industries. The company’s sorting systems replace manual sorting methods with automated sorting to detect and remove foreign material and defects from product streams. The company has pioneered industry-leading laser technology and BioPrint sorting capabilities used on its Lynx, Spyder, Cayman and Python sorting platforms. Headquartered in Belgium, Visys supports a substantial customer base in the food processing and waste recycling industries, primarily in Europe.



About Key Technology, Inc.

Key Technology, an ISO-9001 certified company, is a global leader in the design and manufacture of process automation systems including digital sorters, conveyors, and processing equipment. Applying processing knowledge and application expertise, Key helps customers in food processing and other industries improve quality, increase yield and reduce cost. With worldwide sales representation, the company maintains demonstration and testing facilities at its headquarters, and manufacturing divisions in Walla Walla, Washington, U.S.A., and at Key Technology BV in Beusichem, the Netherlands. The company's common stock trades on the Global Market tier of The NASDAQ Stock Market® under the symbol KTEC.



Financial Media Inquiries:

Evan Pondel or Laurie Berman

PondelWilkinson, Inc.

Tel: +1 310 279 5980

pwinvestor@pondel.com

www.pondel.com



Investor Inquiries:

Jack Ehren, President and CEO

Key Technology, Inc.

Tel: +1 509-394-3120

jehren@key.net

www.key.net

All Topics