Wincor Nixdorf's New Venture

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It has just been announced that Wincor Nixdorf is to form a joint venture with banknote printer Giesecke & Devrient with the intention of improve the technology that spots fake banknotes.
 
The two companies will start to work together in March of this year. They will make modules and sensors which recognise banknotes and make it easier to filter out counterfeits, they said on Thursday.
 
Wincor Nixdorf reported that around 12 billion euros are spent annually on processing cash in Germany, and the number of banknotes has increased 8 per cent every year in euro member states since the currency was introduced.
 
The two companies expect the market for sensors and modules which authenticate banknotes to grow to about $1 billion by 2015 from its current position of $650 million now. Their combined market share is about 10 percent.
 
"We think we can win a large market share here," Wincor Nixdorf chief executive Eckard Heidloff said. He added that it would be possible to triple revenue over the next couple of years if margins were "reasonable".
 
The news has been announced five days before the start of Wincor World, which takes place in Paderborn on 25th to 27th January.