TOMRA sells its 50% ownership in Wise Recycling LLC
TOMRAs original investment was consistent with our strategy of creating business oppurtunity through market presence. Wise and TOMRA working together have successfully built up the non-deposit network of collection and processing centers acquired from Reynolds in 1998. The business has been engineered through implementation of new systems and technology. This engineering process is now being completed through Wise Recyclings integration with the mill.
TOMRA will retain the benefits of market presence, low cost processing and a premium customer for TOMRAs collected aluminum through a longterm strategic partnership. The liquidity generated will be available for other strategic business development initiatives later this year.
<br>Questions can be directed to President/CEO Erik Thorsen or CFO Helge Nerland at telephone number +47 66 79 91 00. <br> <br>Asker, February 3, 2000 <br> <br> <br>Erik Thorsen <br>President/CEO <br>