Morpho completes acquisition of Carvajal's card division

Tuesday, October 4, 2011

High-technology company Morpho, part of the French conglomerate Safran, has completed its acquisition of Valores Plasticar, the card manufacturing and personalization centers of Colombian group Carvajal, Morpho said in a statement.

The value of the acquisition, first announced on July 12, was not disclosed.

Marcelo Bellini Garcia was appointed managing director of the new operation. He previously served as Morpho's sales and marketing director for Brazil.

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With the acquisition, Morpho increases its presence in Latin America with offices, factories and personalization centers in Brazil, Peru, Colombia, Argentina and Mexico.

The move also seeks to address the South American banking market as it undergoes chip migration to EMV, which stands for Europay, MasterCard and Visa.

EMV is global standard published in 1995 for interoperation of integrated circuit (IC) cards, or "chip cards," and IC card-capable point of sale (POS) terminals and ATMs, for authenticating credit and debit card transactions.