SNB buys banknote company ‘to ensure its survival’
Company that provides substrate for Swiss banknotes came into liquidity difficulties
The Swiss National Bank (SNB) has acquired a 90% stake in banknote substrate manufacturer Landqart, stepping in to rescue the company amid an “acute need for liquidity”.
“Following the unexpected cancellation of an order by a customer abroad, Landqart experienced a sharp drop in turnover,” says the Swiss central bank in a statement published today (December 21).
The Sfr21.5 million ($21.7 million) buyout will ensure the “survival of the company”, says the SNB.
The SNB formed a relationship
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