Polymer Banknotes Behind Restructuring, Layoffs at Canadian Banknote Printer
OTTAWA, CANADA—Dec. 1, 2011—Giesecke & Devrient (G&D), one of the world’s leading privately owned banknote printers, announced a restructuring of BA International, its banknote printing operation in Ottawa. As a result of changing conditions in the local Canadian banknote market, BA International will cease printing banknotes for the Canadian and international market at the end of 2012.
G&D and the Bank of Canada are in discussions about new services to be provided by BA International. It is expected that these discussions will be concluded successfully and that as a result, a number of the 190 employees at BA International will be retained.
The introduction of polymer banknotes in Canada significantly changes the local banknote market. Given that these notes are expected to last longer, the requirement to reprint banknotes is expected to drop from 2013 onwards. This reduction in locally secured capacity utilization cannot be compensated by international orders.
The restructure of the company’s banknote printing operations was not an easy decision. G&D acknowledges the fine work the team has produced over the years.
Giesecke & Devrient remains committed to carrying on other business opportunities in Canada including the production and personalization of payment and ID card systems for the Canadian market.
About Giesecke & Devrient
Giesecke & Devrient (G&D) is a leading international technology provider headquartered in Munich, Germany. Founded in 1852, the Group now has a workforce of over 10,000 employees and generated sales of EUR 1.7 billion in fiscal 2010. 61 subsidiaries and joint ventures in 32 countries ensure customer proximity worldwide. In all its markets, G&D is a global leader and pioneering innovator in the production and processing of banknotes and banknote paper, security documents, identification systems and smartcard-based solutions. As an end-to-end provider of mobile security applications, G&D develops and sells hardware, software, and services for banks, mobile network operators, public transportation companies, business enterprises, and OEM.