IRVING, Tex. The cash systems division of De La Rue PLC, a publicly traded company in the United Kingdom, said it will buy Currency Systems International Inc. of Irving and the United Kingdom, a provider of high-speed currency sorting machines and software.
De La Rue would pay $35.5 million and assume CSIs debt, estimated at $19 million, the company said.
De La Rue said it plans to merge CSIs operations with its cash processing business and said it anticipates substantial cost savings through eliminating operational overlaps.
The companies also have complementary qualities. CSI is strong in the commercial market and excels in developing super-fast sorters and multidenominational sorting systems. De La Rue has ties to many of the worlds central banks and a particular strength in desktop sorting and counting machines. Geographically, De La Rue is well placed in Africa, the Middle East, South and Central America, and the Far East; CSI is strong in the United Kingdom, United States, and Australia.
CSI had sales of $51 million in 2000 and an operating profit of $5.3 million. It has a staff of 274, of whom 128 are based in the United States and 82 in the United Kingdom.