Last updated at 08:43, Tuesday, 12 March 2013

Wigton-based Innovia Films has taken full control of Securency International, the company that makes a plastic base material for bank notes.

Innovia’s predecessor business, UCB Films, established Securency in the 1990s in a joint venture with the Reserve Bank of Australia to supply the material for Australian bank notes.

Innovia announced last month that it was buying the bank’s 50 per cent stake in Securency for an initial fee of £42.5m.

It now says the deal has been completed and that Securency will in future trade as Innovia Security.

The rebranded business will continue to be led by the same management team under managing director Philippe Etienne who reports directly to Innovia’s chief executive David Beeby.

Securency’s Guardian bank-note product is now used by 21 countries including Canada and Mexico.

The notes last longer than conventional paper bank notes and can incorporate added security features, such as clear windows, making them harder to forge.

Mr Beeby said: “Innovia has been a part owner of Securency International for 15 years. 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.”

First published at 08:40, Tuesday, 12 March 2013
Published by http://www.cumberlandnews.co.uk