Titech to Expand Sensor Based Sorting Range with Acquisition of Odenberg

5 January 2011 Titech AS, a fully owned subsidiary of Tomra Systems ASA, has entered into an option agreement with the owners of Dublin based technology manufacturer Odenberg Investment Ltd enabling Titech to acquire 100% of the shares in Odenberg by end of January 2011. Odenberg is a provider of sorting and processing technology to the international food processing industry. More than 2000 Odenberg optical sorting systems have been sold worldwide and the company has a total revenue of EUR 40 million. Strong, profitable growth is expected going forward. Established in 1968, Odenberg today has employs 171 people across locations in Dublin, California, Slovakia andThe Netherlands, serving several of the world's top 10 food manufacturers. According to Titech, the proposed acquisition of Odenberg represents important step towards strengthening its market position and product offering within sensor based sorting. Jonathan Clarke, managing director of Titech UK, explained: "In addition to representing an interesting growth case on its own, Odenberg is a strong strategic fit with Titech." "Odenberg brings to the table both unique, patented technology and leading market positions in several fast-growing segments of the food sorting and processing industry. Together, Titech and Odenberg will have a strong market presence and an unrivalled technology base from which to grow further." Clarke added.