WALLA WALLA — Avery Street manufacturer Key Technology Inc. has completed its previously announced acquisition of Belgium-based Visys NV, the company announced this morning.
Visys is now a wholly-owned subsidiary of Key Technology through a purchase valued at $21 million. Under terms of the agreement, shareholders of privately-owned Visys receive about $12 million in cash, 600,000 shares of Key Technology common stock and 250,000 Key Technology warrants.
Visys is a supplier of innovative digital sorters. The acquisition combines the two companies’ technologies to create an unparalleled selection for food processing and industrial markets.
Key will maintain its headquarters in Walla Walla while Visys continues in Hasselt, Belgium. The combined company has about 560 employees worldwide.