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Security Plastics Acquires Cardcorp Pty Ltd Aus

Security Plastics Acquires Cardcorp Pty Ltd Australia

Months after the acquisition of Australian company National Business Systems Pty Limited, Security Plastics New Zealand (a division of W&H Print) announced today that it has acquired 100% of Cardcorp Pty Ltd. The multi-million dollar investment elevates Security Plastics position as the premier plastic card-manufacturer in Australasia.

Since 1983 Security Plastics has been manufacturing cards in Christchurch New Zealand and moved into Australia with the acquisition in July 2000 of a card personalisation bureau - National Business Systems (NBS) based at Artarmon, NSW and Melbourne, Victoria.

Cardcorp, established in 1987, is a major manufacturer of security cards and an Australian pioneer of production of Smartcard technology. The acquisition compliments Security Plastics existing bureaus in Sydney and Melbourne with the company's first manufacturing facility in Australia.

John Geldard, General Manager of Security Plastics New Zealand said, "Purchasing Cardcorp was a strategic decision. It fits with the Security Plastics plan of centralising our facilities in Sydney as the base for expansion throughout the Australian region. The intention behind the acquisition is to provide the platform to significantly grow Security Plastics, especially in Smartcard business. There would be minimal changes to staff, as we strongly believe experienced staff is a key asset in the development of the business."

The acquisition has also added a new service to Security Plastic's portfolio - the production of GSM cards for Vodafone mobile phones in Australia. In the future Security Plastics will add purses to these cards, which will enable the user to make purchases using their mobile phone.

In the Asian financial market, card volumes are higher and fast turnaround is paramount. Acquiring Cardcorp's local manufacturing facility and expertise in Smartcard technology strengthens Security Plastic's competitive edge against major players in the Australasian market place.

"As most New Zealand banks have head quarters in Australia the ability to provide both bureau services and card manufacturing locally is strongly favoured. The capabilities of both plants will compliment each other. The two facilities will also assure customers that we have a business continuity plan should a disaster strike. As we would not need to outsource work to other manufacturers to fulfil orders on time," he said.

All the NSW manufacturing and personalisation operations will consolidate at the new Security Plastics headquarters facility at Rydalmere. Developing and upgrading the second personalisation bureau in Braeside, Victoria, is a high priority for Security Plastics, as the expansion and utilisation of the current facility will ensure a strong competitive advantage.

About Security Plastics Ltd (A Division of W&H Print)

Security Plastics provides the design, production, initialising and commissioning of security cards and Smartcards. The company pioneered the introduction of Smartcards in 1993 by establishing Australasia's first Smartcard manufacturing facility.

Over 65% of production is exported. Most of this comprises Smartcards, which represent the next generation of plastic card technology. In the New Zealand domestic market Security Plastics manufactures and produces cards for the Financial sector, retail outlets, clubs, Photo Identity cards for commercial and Government departments, Fuel cards, Access and Security cards, Promotional and Smart Cards. Security Plastic's client list includes over 130 of the world's most influential banks in thirty countries. These include Hong Leong Bank Bhd, Hong Kong Bank, Standard Chartered Bank, Westpac, Bank of New Zealand, Citibank and Bank of China as well as Privatbank, ICICI Bank and Mashreq Bank. Additionally, the company manufactures for a number of large issuers such as EXXON Mobil, Shell, & Caltex.

Security Plastics is New Zealand's only certified card manufacturer. It is certified to manufacture for Visa, MasterCard, Diners Club, Bankcard Associates Multos and Mondex. The company fully meets the security and quality standards of these organisations and manufactures in excess of 30 million cards per annum.

With offices in Wellington, Auckland, Hong Kong, Sydney and Melbourne, Security Plastics is now the largest plastic card supplier in this region, and has an extensive export base that includes Africa, Europe, the Middle East, Asia, the Pacific, Latin America and the USA.

Milestones

In 1997 Security Plastics was the second card manufacturer in the world to achieve Mondex card production status. Mondex is the only electronic cash Smartcard system in the world to operate with a single global technology allowing for cross-country payments. It allows up to five different currencies to be carried on the card, at any one time, in separate electronic pockets.

In 1998 Security Plastics achieved a world first when Mondex International awarded the Security Plastics self developed SPECtrum software a Level One Pass.

In 1999 Security Plastics secured the contract to produce the New Zealand driving licences, which incorporate photo identification. Supporting this growth required comprehensive capital expenditure program, which for 1998 included a new 4-colour printing press and in 1999 included a video inspection machine.

In 2001 Security Plastics acquired Cardcorp, Australia's third largest card manufacturer. This acquisition enables Security Plastics to be more competitive in Australia with this local facility.

- Ends -


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