Giesecke & Devrient, self-described as one of the world’s largest privately owned banknote printers, announced a restructuring of BA International which will shutter its banknote printing operation in Ottawa.
The BA International operation plans to cease printing banknotes for the Canadian and international markets by the end of 2012. The company specifically relates its decision to the introduction of Canadian polymer banknotes, which are expected to last longer.
According to G&D, it is in discussions with the Bank of Canada about new services to be provided by BA International, which could save some jobs for the 190 employees of BA International.
The company states it is committed to continuing the production and personalization of payment and ID card systems for the Canadian market.
Headquartered in Munich, Germany, Giesecke & Devrient has a workforce of over 10,000 employees and generated sales of EUR 1.7 billion in fiscal 2010, from 61 subsidiaries and joint ventures in 32 countries.
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