LITTLETON, Colo.--(BUSINESS WIRE)--CPI Card Group, a global leader in financial and EMV chip card production and related services, announced today that the company has sold its non-secure card operations in Las Vegas, Nevada to PLI, the world s largest hotel keycard manufacturer and a leading specialty printer.
This acquisition makes PLI the largest provider of non-secure cards and related services by both volume and revenue and we couldn t be more pleased to be able to offer broader services and capabilities to our growing customer base
We are very pleased with the successful divestiture of the non-secure card operation. CPI s focus in North America is on technology payment solutions such as EMV for our core markets of financial and private label card issuers, secure prepaid program managers, payment processors and financial services providers, said Steve Montross, president and CEO of CPI Card Group. This divestiture of our Nevada operation is consistent with the company s focus and will further concentrate our activities on our core markets.
We are delighted to have reached this agreement with PLI, who, with over 20 years experience in the non-secure cards market, now has additional operations to serve and grow in this market, Montross continued. This is a very positive outcome for all parties involved, including our customers.
It is rare and exciting when a deal makes this much sense. PLI s focus on the commercial, non-secure markets coupled with our customer and employee focused culture make this acquisition a win-win for all parties, said Peter Krauss, CEO of PLI. This acquisition makes PLI the largest provider of non-secure cards and related services by both volume and revenue and we couldn t be more pleased to be able to offer broader services and capabilities to our growing customer base, added Krauss. As Steve said, this is a very favorable outcome for all parties.
About CPI Card Group
CPI, a global leader in financial card production and related services under the VISA, MasterCard, American Express and Discover payment brands, offers a single source for cards and other form factors, from financial and prepaid debit to EMV chip and mobile, and personalization and fulfillment services. CPI offers the largest secure production network in North America. CPI's production sites include: Denver, Colo.; Nashville, Tenn.; Fort Wayne, Ind.; Minneapolis, Minn.; Colchester, England; Liverpool, England; Petersfield, England; and Toronto, Canada. For more information, visit www.cpicardgroup.com.
PLI is the largest hotel keycard manufacturer in the world and a leading specialty printer focused on the non-secure card market, located in Asheville, NC. With more than 300,000 square feet of manufacturing space, five global distribution centers in the U.S., Canada, Dubai, Hong Kong and the Netherlands, and more than 600 employees, PLI recently converted to an ESOP and is poised for continued and explosive growth over the coming years. Please contact Amanda Cash for any additional questions or information regarding PLI, firstname.lastname@example.org, 828-418-8299.
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