| Toshiba and Subsidiary of Oesterreichische National
Bank in Joint Venture to Market Banknote Processing System
9 October, 2003
Tokyo -- Toshiba Corporation today announced that it would establish a joint venture company with Oesterreichische Banknoten-und Sicherheitsdruck GmbH (OeBS), a wholly owned subsidiary company of Oesterreichische National Bank (the Austrian National Bank), to promote sales of its latest Banknote Inspection Machine and Currency Sorting Machine. The company will also offer maintenance service for Toshiba's banknote processing systems in the global market.
The new company, OeT Bank Note Sorting Solutions GmbH, will be capitalized at 1,500,000 Euro. OeBS will hold a 51% stake and Toshiba a 49%. The joint venture will start operation in Vienna, Austria in November this year. By uniting the partner's strengths in banknote processing systems, the joint venture will offer printers of banknotes and banks worldwide a flexible, total solution for processing both newly introduced banknotes and banknotes already in circulation.
Toshiba will supply the joint venture with the latest versions of its Banknote Inspection Machine, which checks the quality of newly printed banknotes, and its Currency Sorting Machine, which sorts and bands banknotes of the same denomination and also prevents re-circulation of defective and counterfeit banknotes. OeBS will provide expertise and know-how gained from printing banknotes, including the Euro and other major currencies. The integration of these capabilities will allow the joint venture to meet the very specific requirements of customers, such as banknote printers, national banks and organizations that handle large amounts of cash, including commercial banks, retailers and casinos.
The combination of its partners' technology and expertise positions the new joint venture to offer total solutions for high-performance processing systems. OeBS enjoys a well-established reputation and connections with customers in Europe, due to its excellent record in printing banknotes over the years, which will also enhance the presence of the new joint venture company in the European market.
OeT Bank Note Sorting Solutions GmbH seeks to become the leading system integrator of bank processing systems in the global market. The company targets cumulative sales of 7 billion Yen over five years through sales and service of banknote processing systems in Europe and industrialized countries in the Middle East, Africa, Southeast Asia, North America and Oceania.
Outline of New Company
|Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.|