TOMRA Systems ASA, Norway, and it wholly owned subsidiary TOMRA Sorting AS, announced plans to acquire Compac Holding Ltd. Closing of the transaction is expected to take place during 1Q 2017.
Compac is a New Zealand-based provider of post-harvest solutions and services, including packhouse automation systems that sort fresh produce based on weight, size, shape, color, surface blemishes and internal quality.
“The food market is large and continuously growing with requirements around food safety and quality becoming increasingly more stringent. Food producers are also consolidating, becoming larger, more sophisticated and more global. As a leading technology supplier into this industry, we see clear advantages in mirroring this trend. With the acquisition of Compac, we reinforce TOMRA’s leading position within the food segment, and we will be the first player to present an offering to our customers for sorting fresh and processed foods with both lane and bulk sorting,” says Stefan Ranstrand, TOMRA’s president and CEO.
Compac employs approximately 700 people across locations in New Zealand, Australia, United States, China, South America, Spain and Italy.
“Market forces have driven double-digit growth at Compac over recent years, and we have rapidly become a global business from humble New Zealand roots. Joining forces with TOMRA will enable us to continue to meet the increasing demands for our products and services in a more scalable and operationally efficient manner,” says Mike Riley, Compac CEO.