Swiss National Bank acquires majority stake in Landqart AG

28/12/17

The Swiss National Bank (SNB) has acquired 90% of the shares in Landqart AG, a Swiss manufacturer of banknote substrates and passport and visa paper.

As a manufacturer of security paper, Landqart, located in Landquart, Graubünden, produces the Durasafe substrate used for the new Swiss banknote series. In addition to the acquisition of Landqart AG, Landqart Management and Services was also purchased, and also in the same ratio.

At the same time, and at the same 90/10 split, the share capital in Landqart Management and Services will also be acquired; this company holds the relevant patents for Landqart’s activities. The purchase price for the acquisition of 100% of both companies is CHF 21.5 million.

The remaining 10% of the share capital will be purchased by Orell Füssli Holding Ltd. The vendor is a subsidiary of Fortress Paper Ltd, which is listed on the Toronto stock exchange.

In a statement, the SNB explained that its new ninth-series banknotes are based on a substrate which is developed and produced by Landqart – the Durasafe substrate. This substrate subsequently goes to Orell Füssli for printing and to have the various security features added. Landqart is the only company to provide the Durasafe technology and associated production capabilities.

The SNB said that it 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.

 

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