TOMRA Strategic Alliance in Brazil
The combination of Tomra technology and innovative collection concepts will enable the new company to aggressively leverage Latasas existing market position to increase aluminum UBC collection. The joint venture will also pursue new collection schemes to include the PET container. PET is fast becoming one of the most challenging recycling issues for both Industry and Government in Latin America.
The agreement includes an investment from TOMRA of USD 28 million for a 70% ownership interest in the new company. Estimated revenues for 2001 is in the range of USD 40 million. Future growth opportunities in the market are expected to be significant.
The presently on going due diligence process is anticipated to be finalized by the end of December 2000. The final agreement will be signed during January 2001 with accounting effect from January 1, 2001.
Questions can be directed to President/CEO Erik Thorsen or CFO Helge Nerland at telephone +47 6679 9100. <br> <br> <br>Asker, November 20, 2000 <br> <br>Erik Thorsen <br>President/CEO <br>Sign. <br>