Plastic Banknotes Company Innovia Enjoys a Profitable Year

16 Oct 2017  Mon

Wigton's Innovia Group who produced UK's plastic banknotes made 63.1m euros in 2016 compared to a £8.3m euro loss in 2015. 57.8m euros were earned from continuing operations. The figure was a 6.9m euro loss in 2015. Turnover increased to 391.2m from €390.9 in 2015. Canadian multinational CCL Industries will be taking over the group for 1.14bn Canadian dollars in March.

1,200 people are employed in Innovia at different parts of the world. Over 600 are employed at Wigton, where polypropylene film is manufactured for labeling and packaging. The unit also produces the Guardian polymer banknote material that was adopted by the Bank of England for their £5 and £10 notes.