UK-based Innovia Films today announced that it has signed an agreement with 50/50 joint venture partner since 1998, the Reserve Bank of Australia (RBA) to buy its 50% share in Securency International Pty Ltd. This acquisition is being funded from Innovia’s existing cash reserves and is expected to complete on the 28th of February.
As an owner, Innovia Films has been directly involved in the growth of Securency International’s product, polymer-based Guardian® banknote substrate, in the worldwide market for many years and has a high degree of confidence in the company and the product.
Innovia Films CEO, David Beeby states “The RBA has been an outstanding and committed partner in this joint venture. 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 RBA has also confirmed that Australia’s next generation of banknotes will incorporate Guardian®, a clear demonstration of its confidence in the company moving forward.