The plans were originally announced at the end of April. 

Fedrigoni’s Security arm, based in Bollate, Italy, makes an extensive portfolio of security features for banknote applications and other security documents.

Portals CEO Dr Ross Holliday commented: “We’re very pleased to welcome Fedrigoni’s security business customers, partners and employees into the Portals family and assure them we’ll continue to market, develop, support and increase investments in the business.

“This acquisition allows Portals to continue enhancing our banknote and security papers, increasing our global reach whilst accelerating our ability to produce the leading security products our customers require.”

Portals also has a separate agreement involving an option to potentially purchase certain banknote paper and passport paper assets, including production machinery, from Fedrigoni‘s Fabriano security division in Italy.

This agreement is subject to a put and call option which may be exercised by each of the parties by the end of 2021, following the closing of the Bollate transaction.

Portals became a standalone business after former owner De La Rue sold a majority stake to management and private equity investor Epiris in early 2018.