UPM Completes Sale of RFID Business to SMARTRAC
April 2, 2012 - UPM said that the sale of its RFID business to SMARTRAC N.V. was completed on March 31, following clearance by all competent authorities.
UPM will become an indirect shareholder of SMARTRAC with a 10.6 percent economic interest through the company OEP Technologie B.V., a holding company controlled by One Equity Partners and one of the major shareholders of SMARTRAC.
"We are pleased that our pioneering RFID team and their excellence have a new home at SMARTRAC, making it the undisputable leader in the RFID industry," said Jussi Vanhanen, President Engineered Materials Group, UPM. "I want to thank the RFID team for the great work and wish all the best for the future. As a shareholder of SMARTRAC, UPM keeps a keen interest on the rapidly developing RFID market."
SMARTRAC is registered in the Netherlands, and is one of the global market leaders in high-quality RFID inlays for electronic passports and contactless credit cards as well as for RFID transponders for public transport applications.