July 1, 2008 / 7:01 AM / 10 years ago

Tomra buys Australian Ultrasort for $31 mln

OSLO, July 1 (Reuters) - Norwegian recycling equipment maker Tomra (TOM.OL) said on Tuesday it bought Australian peer Ultrasort for 160 million Norwegian crowns ($31.48 million) in enterprise value.

UltraSort is a leading provider of advanced recognition and sorting technology to the mining industry. It had revenues of 35 million crowns in 2007 “with strong margins”, Tomra said.

Tomra said a conditional payment can be earned if Ultrasort’s EBIT for the coming three years exceeds a threshold.

Tomra said it would establish a revolving 3 year bilateral bank loan of 250 million crowns to cover the purchase price as well as the ongoing share buyback program. (Reporting by Oslo newsroom)

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