STRATEGIC PARTNERS
February 21, 2002
RESTON, Va./MUNICH -- Giesecke & Devrient has invested upwards of $50 million in North American holdings to upgrade conventional magnetic stripe cards production and establish new capacities for chipcard manufacturing.
The North American reorganization includes plans for a manufacturing center in Bristol, Pa. and a strategic plan to strengthen research operations at its Bedford, Ma. facility.
In announcing the reorganization, Chairman of the Board of Management Willi Berchtold acknowledged that developments in the North American chipcard market had progressed more slowly than G&D had hoped.
He said that, in the short run, G&D would give greater emphasis to sales of conventional magnetic stripe cards and applications in North America while concentrating the bulk of the firm's smart card development program in Germany.
