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Polymer Banknotes Behind Restructuring, Layoffs at Canadian Banknote Printer
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| Date 1 December 2011 |
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.
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| The source of the article or news :
www.piworld.com |
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