Keystone Plastics purchased by U.S. firm

American Banknote Corporation has announced its acquisition of Toronto-based card maker Keystone Manufacturing (Plastics) Ltd. for an undisclosed amount.

According to American Banknote, the acquisition has the dual benefit of providing the company with access to Keystone’s client base and smart card expertise.

The companies announced that Keystone CEO Bud Kronenberg would remain at the helm of the company with the existing management team.

American Banknote said Keystone would gain access to a range of technologies like Arthur Blank’s “green” initiatives.

“We are extremely proud to be able to acquire a company of the quality, experience and stature of Keystone,” said American Banknote chairman and CEO Steven Singer. “Keystone allows us to enter Canada at a very exciting time as the banking community migrates towards EMV and as cross border identification becomes paramount between the USA and Canada.”

The company called the acquisition a fulfillment of American Banknote’s strategic growth plan, allowing it to become a major global force. Keystone’s Kronenberg indicated that the move would be mutually beneficial.

“Keystone has built a unique brand in Canada — being able to leverage the dominant skill sets and exceptional knowledge base that American Banknote has attained means that Keystone will be able to become an even more significant force in the Canadian marketplace,” he said.