Previous post Next post

Swiss National Bank buys paper factory for banknote production

 

To guarantee the smooth roll-out of its new banknote series, the Swiss National Bank (SNB) has bought a struggling paper factory in eastern Switzerland.

The takeover of Landqart AG, valued at CHF21.5 million ($21.7 million), is split between the SNB (90%) and the security printing division of Swiss publisher Orell Füssli (10%).

+ Switzerland is rolling out a new series of banknotes with numerous security features

Landqart makes Durasafe®, the triple-layer substrate used for the new Swiss banknotes, which consist of a layer of plastic sandwiched between two layers of paper.

Banknotes

Bills from the ninth and latest series of Swiss banknotes (© KEYSTONE / CHRISTIAN MERZ) - Click to enlarge

Durasafe

According to the SNB, Landqart is the only company that offers this technology. Yet the paper manufacturer, based in canton Graubünden in eastern Switzerland, is in financial trouble after losing a big international client this year. It employs about 260 people.

“The SNB has decided to acquire the company because, otherwise, issuance of the new Swiss banknote series would not have been guaranteed across the entire production stream. By taking this step, the SNB is ensuring the continued supply of cash and, hence, the fulfilment of its own statutory mandate,” the national bank said in a press releaseexternal link on Thursday.

At a press conference later on Thursday, SNB President Thomas Jordan announced that the bank planned to sell Landqart once the company was back on its feet. Meanwhile, Landqart’s management is still in place and the business model is under analysis.

“I see no conflict of interest, and we want Landqart to remain independent,” Jordan said.

The SNB has so far released the new CHF10, CHF20 and CHF50 notesexternal link. Still to come are the CHF100, CHF200 and CHF1,000.

Landqart paper is also used to make Morocco’s 25 dirham note as well as bills used in ten European Union countries.

 

Full story here
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 1) SNB and CHF Next post
Tags: ,,,

Permanent link to this article: https://snbchf.com/2017/12/swissinfo-swiss-national-bank-factory-banknote-production/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>