American Banknote Corporation announced the acquisition of MCE S.A., the fourth largest check personalizer in France, and CPS Finances S.A., the fifth largest card personalizer in France for an undisclosed amount. MCE and CPS together generated sales of over $15 million in 1997.
American Banknote will now be the leading check personalizer in France with expanded printing services, outsourcing and electronic printing capabilities (EPA) through the combination with the Sati Group, acquired by American Banknote in August, 1997.
The acquisition of CPS marks American Banknote’s entry into Europe within its Transaction Card & Systems group, which has been the company’s highest growth area. CPS is MasterCard, VISA, and Europay certified, which attests to its strict security standards, and offers card personalization and distribution for both magnetic stripe and smartcards.
Morris Weissman, Chairman and Chief Executive Officer, said, “We’ve continued our expansion in Europe where we see exciting growth opportunities with the emergence of the European Union. We plan to increase operating efficiencies through the consolidation of the acquired businesses with existing production facilities in France.”
Weissman concluded, “Smartcard technology was originally developed in France and we look forward to working with some of the leaders there. Smartcard applications within major industries such as transportation, communication, health and banking are numerous and growing rapidly, and we are planning to participate in that growth. We are fortunate to have Francis Lavelle, former CEO of Solaic, one of the pioneers in smartcard technology that was purchased by Schlumberger, as Managing Director of the Sati Group spearheading our entry into the smartcard arena in Europe.”
American Banknote Corporation is a leading global full-service provider of secure transaction solutions in carefully selected markets along three major product groups Transaction Cards & Systems, Printing Services & Document Management, and Security Printing Solutions. A combined strategy of operating along product lines and constant expansion of transaction activities worldwide reflects the rapidly changing field of electronic commerce. Additionally, American Banknote, via its Holographics subsidiary, is the world leader in security for financial transaction cards, including VISA, MasterCard, Discover, Diners Club International, and Europay.
This release contains forward-looking statements relating to future financial results. Actual results may differ materially as a result of factors over which the Company has no control. These risk factors and additional information are included in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q on file with the Securities and Exchange Commission.Details