The Innovia Group said on Friday that it had completed the acquisition of the Reserve Bank of Australia’s (RBA) shareholding in Securency International and was now sole owner of the company.
And as of Friday, Securency International was renamed Innovia Security Pty Ltd (in Australia) and Innovia Security S.A. de C.V. (in Mexico).
‘Innovia Security will continue its operations led by the existing management team,’ Innovia said in a press note.
‘As managing director of Innovia Security, Mr Philippe Etienne will report directly to Mr David Beeby as CEO of Innovia Group.
‘Innovia Films is the existing major business within the Group. It is a €400 million business that supplies market-leading films for a range of uses in more than 100 countries, and is No.1 or No.2 in the world in its chosen markets.
‘In addition, Innovia Films manufactures and exclusively supplies Clarity C® Film to Innovia Security as a key material in the creation of Guardian® banknote substrate.’
Innovia had been a part-owner of Securency International for 15 years and had seen this “innovative and exciting business create tremendous changes in the banknote market”, said Beeby.
“Now as the full owner, we will work closely with the Innovia Security team over the coming months to understand how we as an organisation can best support the business as it pursues the growth of Guardian® in economies throughout the world.”