TOMRA sells its 50% ownership in Wise Recycling LLC
TOMRA has today signed a Letter of Intent with Wise Metals Group LLC to sell its 50 percent interest in Wise Recycling LLC for USD 10.5 million. The transaction will be effective January 1, 2000 and will result in a gain of USD 1.5 million. In April 1999, Wise Metals Group acquired a large aluminum rolling mill from Reynolds Aluminum. The mill is the primary customer for all of Wise Recyclings collected aluminum and the transaction will allow Wise to fully integrate the recycling operations with the mill.TOMRAs original investment was consistent with our strategy of creating business