LOIMY Loomis AB (PK)

   By Dominic Chopping 
 

STOCKHOLM--Swedish cash-handling company Loomis AB (LOOM-B.SK) said Tuesday that its U.S. subsidiary has entered into an agreement with Bank of America to manage its cash processing and check imaging services in around 30 locations in the US.

A portion of the bank's notes and coins will be processed in Loomis' current branches.

The transition of work to existing Loomis branches will commence in the third quarter of 2014 and is expected to be fully integrated during the first quarter of 2016.

When fully integrated, the annual revenue for the agreement is expected to be approximately $20 million.

Shares closed Monday at SEK203.50, valuing the company at SEK15.32 billion.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

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