December 19, 2013
Innovia Films Ltd. has revealed itself to be the film supplier for the Bank of England’s plastic banknotes, to be launched in 2016. The company’s Guardian polymer substrate is already used for plastic currency in 20 countries including Canada.
The deal will see Innovia invest £20 million ($31 million) in the construction of an opacification plant at its Wigton, England site. The company also will create 70-80 jobs.
David Beeby, Innovia chief executive, said: “We are very proud to have been selected as the preferred supplier of the polymer substrate for the new £5 and £10 bank notes. This decision not only recognizes the benefits that polymer notes have to offer but also Innovia’s expertise in this field.”
Early in the year the company announced a £20 million investment package for the installation of additional biaxially oriented polypropylene (BOPP) film capacity and a gas turbine, also on the Wigton site.