Pitkit Printing Enterprises Ltd. (TASE: PITK) reports that French company Arjowiggins Security SAS has bought 30% of its subsidiary Bsecure for €1.8 million, at a value for the company of €6 million.
Bsecure's activity is secure printing, through a subsidiary called SecuSystem, of which Arjowiggins is the international distributor. Arjowiggins will buy 26% of Bsecure from Swiss company Gutamo AG and 4% from Pitkit, which will remain with a 67% stake.
Pitkit has three main areas of activity: self-adhesive stickers and labels, production of smart identity cards, as part of HP's win in the State of Israel tender for such cards, and the production and sale of security products designed to prevent forgery, through Bsecure.
In 2009, Bsecure's revenue fell 23% to NIS 4.7 million, and its operating profit plummeted 62% to NIS 800 thousand.
Published by Globes [online], Israel business news - www.globes-online.com - on May 2, 2010
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