UK-based Innovia Films has agreed to buy the Reserve Bank of Australia’s 50 per cent share in Securency International Pty Ltd, which, since 1998, has been owned by Innovia and the bank in a 50/50 joint venture.
The acquisition is being funded from Innovia’s existing cash reserves and is expected to be completed on February 28. The agreed price was not given.
Innovia had been directly involved for many years in the worldwide growth of Securency International’s product, polymer-based Guardian® banknote substrate, and had a high degree of confidence in the company and the product, Innovia said in a press note issued today.
“The RBA has been an outstanding and committed partner in this joint venture,” said Innovia Films CEO, David Beeby. “It has always been their clearly stated policy to grow the business to the point where it would be divested once it held a strong position in the market, and that time has certainly arrived. This exciting acquisition reflects our continued commitment and strategic investment pattern in our core markets of labels, tobacco, packaging and security.”
The press note said the RBA has confirmed that Australia’s next generation of banknotes would incorporate Guardian®, ‘a clear demonstration of its confidence in the company moving forward’.
Category: Breaking News