Release details

2012-01-02 08:03 CET
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TOMRA divests its California operation

TOMRA divests its California operation
 
On 31 December 2011, Tomra sold the assets of Tomra Pacific, Inc., a wholly owned subsidiary of Tomra of North America, Inc, to rePlanet, LLC.
 
Total consideration for the transaction was approximately 25 Million US Dollars on an enterprise value of ~29 Million, of which 11 Million was paid at closing, another 12 Million is to be paid within two months of closing and the remaining 2 Million as a seller note.

In 1998, TOMRA founded Tomra Pacific, Inc. through a series of acquisitions.  Tomra Pacific, Inc. became the largest integrated recycler of used beverage containers in California, collecting and processing approximately 2.5 billion cans and bottles.

TOMRA's recent strategic focus on technology and movement away from the physical handling of materials prompted its interest in a sale of the entity.

Tomra is currently divided into three business divisions: Collection Technology, Industrial Processing Technology and Materials Handling.  Tomra Pacific, Inc. was grouped under Materials Handling.  After the divestment, the remaining part of Material Handling (East Coast business) will be included in the Collection Technology division, and no longer will be reported as a separate business segment.

Lazard Middle Market LLC acted as Tomra's advisor on this transaction.

For further information, please contact:
SEVP/CFO Espen Gundersen +47 97 68 73 01

The information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Attachment: Financial information

HUG#1574496