Norwegian bottle and can recycling group Tomra said it had signed an agreement to ensure further cooperation with U.S. partner Wise Metals Group after a breakdown earlier this year.
``Tomra will resume its supply of aluminum from California to WMG at more acceptable commercial terms than had been practice between the parties before Tomra terminated its supplies earlier this year. This also includes satisfactory assurances from WMG to Tomra,'' Tomra said in a statement sent from the Oslo bourse.
Tomra had a write-off of $43.5 million linked to financial exposure against WMG in the fourth quarter 2000 after losses at an aluminum recycling mill.
``These agreements currently do not entail any posting of income relative to the write-offs which were taken in Tomra's year-end Financials 2000, but will however, improve the terms relating to the sale of aluminum collected from the company's operations in California,'' Tomra said.
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