TOMRA said the deal, inked late last week, saw it acquire 100% of Belgium-based Best. While subject to approval by competition authorities in Norway, the company said it expected the transaction to be completed at the beginning of July 2012.
“Best brings to the table both unique, patented technology and leading market positions in several fast-growing segments of the food sorting industry”, said Stefan Ranstrand, TOMRA’s president and CEO. “The proposed acquisition of Best will strengthen TOMRA’s market presence in the food sorting segment and together with what we also have in our existing food sorting unit, it will provide an unrivalled technology base from which to grow our business further.”
TOMRA Sorting Solutions operates across the globe in sensor-based sorting solutions. The technology is applied in the recycling, mining and food industries.
Diversifying portfolio
The proposed acquisition of Best represents an important step towards realizing a strategy of strengthening its market position and product offering within sensor based sorting, said the company.
TOMRA said Best was “a strong strategic fit” with its own sorting equipment offerings and complemented its existing technology portfolio through the addition of leading laser sorting technology.
It addedthere were no overlaps between its and Best portfolio and the Belgian company was a “good bolt-on acquisition”.
Best was established in 1996 and has over 300 workers based in Belgium, Spain, the US, China, the Netherlands and Japan. Its 2011 EBITDA reached €13m (US$16m), on revenues of just under €88m.