Global BOPP and cellulose films producer Innovia Films has signed an agreement with 50/50 joint venture partner Reserve Bank of Australia (RBA) to buy its 50% share in note-printing subsidiary, Securency International for $67m.
According to Innovia, the acquisition is being funded from its existing cash reserves and is expected to complete on 28 February 2013.
The company, as an owner, has been directly involved in the growth of the product, polymer-based Guardian banknote substrate of Securency in the worldwide market.
Innovia Films CEO David Beeby said the acquisition reflects the company's strategic investment pattern in its core markets of labels, tobacco, packaging and security.
The RBA has also confirmed that next generation of banknotes in the country will incorporate Guardian.
