Back in June, Canadians heard the news about new high-tech polymer bills making their way into wallets this year. But unfortunately for one Ottawa banknote printer, the bills are so durable and long lasting that there is much less demand for reprinting, resulting in dramatic layoffs at the company.
BA International, a 145-year-old Ottawa printing company, announced last week that it plans to lay off most of its employees by the end of next year. The company produces currency, including bank notes, and currently employes 190 people.
Its Munich-based parent company, Gieseke & Devrient, released a statement explaining the plans for restructuring:
"As a result of changing conditions in the local Canadian bank note market, BA International will cease printing bank notes for the Canadian and international market at the end of 2012. [...] The introduction of polymer bank notes in Canada significantly changes the local bank note market. Given that these notes are expected to last longer, the requirement to reprint bank notes is expected to drop from 2013 onwards."
The CBC reports in a recent article that both the Bank of Canada and BA International have confirmed that they are working together to save 30 to 40 jobs at the company in Ottawa. The plan would include BA International performing additional services for the Bank of Canada.
