Plastic £5 note firm Innovia bought by Canada’s CCL

Image copyright

The UK company that makes the new £5 note, recently found to contain animal fat, has been bought by Canada’s CCL for 1.13bn Canadian dollars (£680m).

Innovia, owned by a group of UK private equity investors, makes most of the polymer banknotes around the world.

The firm has been in the spotlight after it emerged the new £5 note contains a small amount of tallow, derived from animal waste products.

A petition to ban the note has attracted more than 132,000 signatures.

The Bank of England said last month that Innovia was working on “potential solutions” to the animal fat issue.

Tallow ‘unacceptable’

Canadian firm CCL Industries, which specialises in label and package making, said buying Innovia would make it “a world leader” in the polymer banknote market.

Innovia chief executive Mark Robertshaw said CCL would be “an excellent long-term owner” and there was a good fit between the two firms.

The petition to ban the new £5 note, hosted on the website, calls on the Bank of England to “cease to use animal products in the production of currency that we have to use”.

It states that tallow is “unacceptable to millions of vegans, vegetarians, Hindus, Sikhs, Jains and others in the UK”.

A number of Sikh and Hindus have also urged the notes be banned from temples, where meat products are forbidden.

Hindus believe cows are holy and sacred, and many do not wear shoes or carry bags made from the skin of cattle that has been slaughtered. Practising Sikhs are strict vegetarians.

by BBC Economy