The European Commission yesterday announced that it had approved the creation of a joint venture between Wincor Nixdorf AG and Giesecke & Devrient to automate the cash cycle process.
The European Commission approved the agreement between the two companies under Article 6 of the EU Merger Regulation.
In a one-paragraph statement, the European Commission said both companies are global players in the field for determining authenticity of banknotes (and other security documents) as well as cash deposit and recycling modules for use in self-service or operated paying systems. The newly created joint venture will be active in cash payment processing systems.
Wincor Nixdorf and Giesecke & Devrient announced in January the joint venture, CI Tech Components AG, as part of a broader partnership between the companies.
Story continues below...
Video surveillance and dispute management solution
ATMeye.iQ video security management solution reduces the risks of fraud and vandalism, resolves conflicts with clients, and allows monitor security events 24/7 to whole ATM network remotely. Watch ATMeye.iQ video.
CI Tech Components will develop and market security technology for authenticating and processing banknotes. The joint venture is based in Burgdorf, Switzerland, and it was scheduled to begin operations in March with approximately 160 employees.
Wincor Nixdorf, the world's second-largest ATM manufacturer based on annual shipments, has its headquarters in Paderborn, Germany. Giesecke & Devrient, a leading international technology provider, is based in Munich, Germany.
The European Commission is the executive body of the European Union. It is responsible for proposing legislation, implementing decisions, upholding the union's treaties and the general day-to-day running of the union, which is based in Brussels, Belgium, and Luxembourg City, capital of the Grand Duchy of Luxembourg.
