This creates the basis for more effective recycling in non-deposit markets. The company generated revenue of NOK 88 million in 2003 and expects strong, profitable growth in 2004. TiTech has installed more than 600 systems worldwide, and currently has activities in among other Germany, Spain, the United Kingdom, Italy, Japan and the United States. More information about TiTech can be found at www.titech.no.
Through the acquisition of TiTech TOMRA is expanding its recycling technology portfolio. The incorporation of TiTech into TOMRA`s Recycling Solutions Division will also strengthen the Group`s presence in non-deposit markets. TOMRA and TiTech will be able to offer fully complimentary recycling technology solutions comprised of TiTech`s back- end sorting systems at processing facilities and TOMRA`s newly developed automated recycling centers. This acquisition is an important step in TOMRA`s strategy to further develop its non-deposit business model.
The purchase price of the transaction equals an enterprise value of NOK 235 million. The consideration to be paid for the shares in TiTech will depend on the net debt as of 30 June 2004. The net debt is estimated to equal approximately NOK 15 million and will be finally confirmed in an audit.
The effective date of the transaction is 30 June 2004 and closing of the transaction is scheduled for the end of August 2004. Tomra will finance the purchase price through cash reserves.