Acquisition of Odenberg
(Thomson Reuters ONE) -
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Tomra Systems ASA (TOMRA), through its fully owned subsidiary Titech AS
(Titech), has on 14 December 2010 entered into an option agreement with the
owners of Dublin based technology manufacturer Odenberg Investment Ltd
(Odenberg) enabling Titech to acquire 100 percent of the shares in Odenberg by
end of January 2011.
Odenberg is a leading provider of advanced sorting and processing technology to
the international food processing industry. Established in 1968, Odenberg today
has 171 people employed across locations in Dublin (Ireland), Sacramento
(California), Pezinok (Slovakia) and Ijsselstein (The Netherlands) and serves
several of the world's top 10 food manufacturers. More than 2,000 Odenberg
optical sorting systems have been sold worldwide. The company is expected to
generate a 2010 EBIT in excess of EUR 4 million on total revenue of
approximately EUR 40 million. Strong, profitable growth is expected going
forward. For more information about Odenberg, reference is made to the company
website www.Odenberg.com.
Titech is a global market leader in sensor based analysis and sorting solutions.
The company's technology is applied in the recycling, mining and food industries
under the brand names TITECH, CommodasUltrasort and QVision respectively. The
proposed acquisition of Odenberg represents another important step towards
realizing TiTech's strategy of strengthening its market position and product
offering within sensor based sorting. In addition to representing an interesting
growth case on its own, Odenberg is a strong strategic fit with Titech. Odenberg
brings to the table both unique, patented technology and leading market
positions in several fast-growing segments of the food sorting and processing
industry. Together, Titech and Odenberg will have a strong market presence and
an unrivalled technology base from which to grow further.
Titech will pay a consideration corresponding to an enterprise value of EUR 52
million. In addition conditional payments of up to EUR 5.5 million might be
triggered based on 2010 and 2011 financial performance. Titech will pay the
purchase price in cash and finance the transaction through TOMRA's current debt
facilities.
For questions or further comments, please contact TOMRA's President & CEO Stefan
Ranstrand (+47 97 47 72 70) or Senior Executive Vice President Espen Gundersen
(+47 97 68 73 01).
Asker, 14 December 2010
Tomra Systems ASA
Footnote: Required disclosure according to the Norwegian Security Trading Act;
Name of sellers: H.P. van den Bergh, H.A. van den Bergh and ACT Nominees Limited
Members of the Board of directors: Herman Van den Bergh, Hugo Van den Bergh,
Maurice Moynihan, Michael Broderick, Niall Carroll, Noel Basquel, Robert Ashley
Hunter and Shane Mulhall
Estimated balance sheet as of year end 2010 (in million ?): Fixed assets 2,
Inventory 5, Receivables 5, Cash 2, Short term liabilities 10, Equity 4.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Tomra Systems ASA via Thomson Reuters ONE
[HUG#1471988]
Unternehmensinformation / Kurzprofil:
Datum: 14.12.2010 - 08:24 Uhr
Sprache: Deutsch
News-ID 49666
Anzahl Zeichen: 3935
contact information:
Town:
Asker
Kategorie:
Business News
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"Acquisition of Odenberg"
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