Morpho acquires card manufacturing and personalization centers in South America from Carvajal Group
Expansion of local offering strengthens Morpho as a leader in the Latin American banking card market
Paris, July 12, 2011
Morpho (Safran group) today announced the signing of an agreement to acquire Carvajal Group's banking card manufacturing and personalization centers in Colombia and Peru.
With this strategic move, Morpho will increase its regional presence and address the South American banking market as it undergoes chip migration to EMV"*, the global standard for credit and debit payment cards based on chip card technology. This acquisition is Morpho's answer to the increasing demand by the financial market to have local technological and service support for their fast migration to more secure payment transactions based on chip card technology.
Following the closing of this transaction, Morpho will be represented in Latin America with offices, factories and personalization centers in Brazil, Peru, Colombia, Argentina and Mexico.
This transaction is subject to customary regulatory approvals and closing is expected before the year end.
"This strategic move aims at combining the long regional customer relationships of trust built by Carvajal with Morpho's expertise in international smart card and high security technology. Our mission is to serve the needs of this fast-growing market as it moves toward secure chip cards and to offer local products and services tailored to customer needs," said Philippe d'Andrea, Executive Vice President Morpho, e-Documents Division.
"This transaction is part of the transformation process currently underway at Carvajal Group, which is geared toward sharpening our business focus. In doing so, we have pinpointed seven industry sectors: Education, Packaging, Work and Home spaces, Information, BPO, and Communication Solutions," said Ricardo Obregon, CEO of Carvajal Group. He also pointed out that this agreement falls within the strategic planning guidelines already laid down. He noted: "We believe that thanks to this move, the card business will continue to develop and efficiently support the regional market with the expertise brought by Morpho particularly in the context of bank cards EMV migration."
* EMV (Europay, MasterCard and VISA) is widely becoming the global standard in the migration from magnetic stripe cards to chip-based smart cards. EMV is an interoperability standard developed by the three financial institutions to ensure that all Europay, MasterCard, and VISA branded smart cards and all smart card-reading POS terminals and ATMs work together to deliver the highest level of security.
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Carvajal Internacional is a business conglomerate with 107 years of experience, currently operating in 15 countries in Latin America, the United States and Spain, with revenues amounting to US$1.6 billion in 2010. Carvajal currently has more than 23,000 employees.
Carvajal Business Sectors
- Information: Publishing and distribution of information through telephone directories and specialized guides on print and electronic media.
- Paper Mill: Manufactures coated and uncoated papers and paperboard for printing.
- Publishing, School Supplies & Stationery: Creates, designs, produces and distributes communication products such as books, text books, stationery products and supplies for use at home, school or at the office
- Packaging: Design, produces and distributes integrated packaging solutions for consumer goods.
- Printing Solutions: Prints and distributes books, magazines and telephone directories and offers supply chain solutions
- Work spaces: Designs, manufactures and manages workspaces for the office, home and material-handling environments.
- Business Process Outsourcing: Company specializing in improving the competitiveness of diverse companies and organizations. Designs, produces and distributes products and services to optimize the recording and handing of transaction-related information in business.
For more information: www.carvajal.com
Morpho, a high-technology company in the Safran group, is one of the world's leading suppliers of identification, detection and e-document solutions. Morpho is specialized in personal rights and flow management applications, in particular based on biometrics, a sector in which it is the world leader, as well as secure terminals and smart cards. Morpho's integrated systems and equipment are deployed worldwide and contribute to the safety and security of transportation, data, people and countries.
Through its e-Documents Division, Morpho is a worldwide leader in identity documents and secure credentials. It delivers trust in the digital world through smart cards, passports, tokens, personalized and blank documents. The technology expertise of the e-Documents Division shapes the markets for the ID document, payment, telecoms and Identity Access Management segments. With 2,800 employees, worldwide subsidiaries and 6 production and 9 development centers, the Division is close to its customers all over the globe.
Tel +33 (0) 1 58 11 89 62