American Banknote Corp. said it has bought Transtex, the leading supplier of transaction cards in Argentina, Chile, Uruguay, and Paraguay.

Certified by both MasterCard and Visa, the company had more than $12 million of sales in the fiscal year that ended last September.

American Banknote chairman and chief executive officer Morris Weissman said Transtex "is an excellent complement" to a subsidiary in Brazil and that the purchase "further strengthens our leadership position in Latin America."

"American Banknote continues its expansion in the electronic commerce arena," he added. "The company now has card operations in Australia, New Zealand, Brazil, Argentina, Chile, and France."

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