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LONDON (Alliance News) - Spectra Systems Corp Thursday said it had received the first orders for covert banknote security to be produced at its new manufacturing facility, a key step as it tries to boost margins by doing its manufacturing.
In a statement, the Rhode Island-based company said the order was placed by its security printing partner, a supplier of banknote printing to over 150 central banks. It didn't name the client or give details of the order.
"These first orders are an important step to achieving our cost reduction strategy through manufacturing at our own facility," Chief Executive Nabil Lawandy said.
"The combination of orders from our strategic licensing partner along with the eventual production for our own G8 customer from the new facility will both enhance the security of our products as well as result in a significant increase in margins," he added.
The company invents, develops and manufactures security features for banknotes and passports as well as the sensor equipment allowing banks to authenticate notes at high speed. Its clients include two G8 central banks and several other central banks, as well as one G8 country for passport security. Bank note features include particles, threads, inks and coatings that make it much harder for counterfitters to copy and ensure that banks can authenticate notes.
Spectra Systems shares were down 5.6% at 25.50 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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