Innovia buys out Securency in £40m deal

CUMBRIA-based packaging firm Innovia Films has taken control of its joint venture with the Reserve Bank of Australia for an initial £42.5m.

It has bought the bank’s 50% interest in Securency International, a bank note printing firm that became the subject of an international fraud investigation after allegations of bribery.

Innovia’s former deputy chairman Bill Lowther was accused of bribing a Vietnamese bank official as part of the investigation but was cleared by a jury at Southwark Crown Court in December. A group of other executives in Australia also faced charges.

Innovia, based at Wigton, near Carlisle, said it was funding the deal from its own reserves. It should complete by the end of the month.

Chief executive David Beeby said: “The RBA has been an outstanding and committed partner in this joint venture. It has always been their clearly stated policy to grow the business to the point where it would be divested once it held a strong position in the market, and that time has certainly arrived.  

“This exciting acquisition reflects our continued commitment and strategic investment pattern in our core markets of labels, tobacco, packaging and security.”