Giesecke & Devrient (G&D), one of the world's leading privately owned banknote printers, today announced a restructuring of BA International Inc., 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 to the Bank by BA International. It is expected that these discussions will be concluded successfully and that as a result, a number of the 190 BA International employees 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.