The Bank of England has announced its decision to adopt polymer bank notes following the completion of its UK-wide consultation process. It is expected to enter into a contract with Innovia Security.
Innovia has been identified as the preferred supplier because its Guardian® polymer substrate is already well-established and used in more than 20 other countries, including Canada.
Innovia plans to build a state-of-the-art opacification plant at its Wigton site, which will require an investment of more than £20m.
This will be in addition to the recently announced £20m investment package for the installation of additional biaxially oriented polypropylene (BOPP) film capacity and a gas turbine, also on the Wigton site.
The new opacification plant is expected to be fully operational in early 2016 and will ultimately produce the polymer substrate require for the new Winston Churchill £5 note, which will be launched in 2016. The Jane Austen £10 note will follow around a year later. This investment will also create 70 to 80 additional jobs.
Innovia Group CEO David Beeby said: "We are very proud to have been selected as the preferred supplier of the polymer substrate for the new £5 and £10 bank notes. This decision not only recognises the benefits that polymer notes have to offer, but also Innovia’s expertise in this field."