TOMRA: TOMRA and Plastretur Sign Joint Venture to Create Norway’s First Dedicated Sorting Plant to Enable Circularity of Plastic Packaging
TOMRA has signed an agreement with Plastretur AS, the Norwegian producer responsibility organization responsible for recycling plastic packaging, to create a plastic packaging sorting plant located in Norway. TOMRA will invest 32 MEUR through a joint venture where TOMRA will hold a 65% ownership stake and Plastretur AS will hold a 35% ownership stake.
The strategic investment is part of TOMRA’s Feedstock business venture, which seeks to close the gap in plastic recycling by using TOMRA’s core knowledge and technology. There is a strong and growing demand for high-quality plastic fractions out of plastic waste, which is typically lost to incineration and landfill today. The plant will accept municipal-sourced separated and mechanically recovered plastics from mixed waste. It will be sorted into high-quality fractions ready to be used in new packaging and other high-quality products.
Plastretur AS will be responsible for sourcing plastic packaging waste as input while TOMRA will be responsible for grading the recovered plastic fractions based on type, and for selling the output material. The new plant will be built near Oslo in Holtskogen Næringspark, Østfold, Norway with a total sorting capacity of 90,000 tons of plastics per year. The plant is scheduled to be fully operational in the first quarter 2025.
The investment will support TOMRA in achieving its vision of leading the resource revolution and delivering on the strategic ambitions presented at the Capital Markets Day in 2022. The capital investment consists primarily of machinery and equipment. TOMRA is targeting profitability levels comparable with the rest of the business and capital return levels of 15-20%.
Asker, 31 May 2023
TOMRA Systems ASA
For further information, please contact:
Eva Sagemo, CFO
Tel: +47 934 39 911
Daniel Sundahl, Head of Investor Relations
Tel: +47 913 61 899
TOMRA was founded on an innovation in 1972 that began with the design, manufacturing and sale of reverse vending machines for automated collection of used beverage containers. Today TOMRA provides technology-led solutions that optimize resource use and recovery in the food, recycling, and ore sorting industries. TOMRA has more than 105,000 installations in over 100 markets worldwide and had total revenues of NOK 12.2 billion in 2022. The Group employs 5,000 people globally and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). For further information about TOMRA, please visit www.TOMRA.com