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Acquision of ultrasort

Tomra Systems ASA, through its fully owned subsidiary TiTech AS, has today entered into an agreement to acquire 100 percent of the assets in UltraSort Pty Ltd. With offices in Sydney and Perth in Australia, UltraSort is a leading provider of advanced recognition and sorting technology to the mining industry.

Tomra Systems ASA, through its fully owned subsidiary TiTech AS, has today entered into an agreement to acquire 100 percent of the assets in UltraSort Pty Ltd. With offices in Sydney and Perth in Australia, UltraSort is a leading provider of advanced recognition and sorting technology to the mining industry.
 
The company recorded revenues of approximately NOK 35 million in 2007 with strong margins. More than 50 UltraSort sorting systems have been sold worldwide, mainly in Canada, Africa and Australia.
 
The acquisition of UltraSort represents another important step towards realizing TiTech Group`s strategy and ambition of becoming a leading global provider of sensor based recognition and sorting solutions, also within mining.
 
By acquiring UltraSort, TiTech expands and complements its portfolio of industrial processing technology. UltraSort brings to the table both unique, patented technology and material market positions in several fast-growing segments of the mining equipment industry. In addition to representing an interesting growth case on its own, UltraSort is a strong strategic fit with Commodas (TiTech's unit within the mining segment), and the two units combined will form the sole market leader in the segment. Combined, Commodas and UltraSort have almost 150 sorting systems in mining operations located throughout the world.
 
The purchase price of the transaction equals an enterprise value of approximately NOK 160 million, of which goodwill and other intangibles are expected to account for approximately NOK 150 million. A conditional payment can be earned if the EBIT the coming three years exceeds NOK 30 million, NOK 20 million and NOK 20 million respectively.
 
TOMRA will establish a revolving three years bilateral bank loan of NOK 250 million to cover the purchase price as well as the ongoing share buyback program.

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