Spectra Systems Secures Polymer Banknote Substrate Supply Agreement

(Alliance News) - Spectra Systems Corp on Thursday said it has executed a ten-year, renewable by ...

Alliance News 1 August, 2019 | 12:18PM
Email Form

(Alliance News) - Spectra Systems Corp on Thursday said it has executed a ten-year, renewable by mutual consent, supply agreement with an undisclosed biaxially oriented polypropylene supplier for use as a highly covert banknote substrate.

The banknote authentication company said the biaxially oriented polypropylene is UV dull and maintains the "extremely" low haze levels required for the signature window security of polymer notes.

Spectra said this partnership and the supply agreement will give it the ability to supply more than 2 billion notes per year immediately with additional supply volumes as high as 10 billion banknotes per year to follow.

The level III polymer technology has been fully production qualified and sensors have been developed which operate at speeds which are 50% faster than the fastest transports currently available, the company explained.

"We are extremely pleased to have formed a long-term partnership with a major multinational supplier of high performance biaxially oriented polypropylene to bring disruptive new capabilities to the industry and extend our revenue generation potential by combining our core competence in covert security with higher priced polymer substrates," said Spectra Chief Executive Nabil Lawandy.

"We have created a secure supply chain which can provide substrate with or without opacity and anti-static layers and will be featuring this technology at the upcoming banknote 2020 conference in Washington DC," added Lawandy.

Spectra shares were trading 5.1% higher in London on Thursday at 134.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Spectra Systems Corp 144.00 GBX 1.77 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites