PORTLAND, Ore. - TRM Corp. said May 19 that it expects to sell its photocopier business in the United Kingdom, TRM Copy Centres Ltd., to Digital 4 Convenience PLC, a U.K.-based photocopier operator. The sale includes approximately 2,500 photocopier units and represents about 10 percent of TRM's photocopier units worldwide.
According to a news release, the purchase price will be determined by net sales from November 2005 to April 2006. Based on preliminary April net sales, the estimated price is £2.85 million (U.S. $5.3 million). The U.K. copier business generated approximately $4.2 million of net sales in fiscal 2005.
The agreement, expected to close within two weeks, is subject to certain pre-closing conditions, including the transfer of certain assets not relating to the U.K. photocopier business, the confirmation of aggregate copier meter readings up to the closing date and formal notification to staff.
"The sale of the UK photocopier business is part of our overall focus on improving shareholder value," TRM president and chief executive Jeff Brotman said. "It will allow our U.K. operations to focus solely on growing the existing ATM business and related services."
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