Iris sets up plant in the US
Iris is investing US$ 8 million in the Vermont plant. The American facility will initially produce smart-card handheld readers for its existing clients. Iris is leasing the building from IBM and will outsource the management of the manufacturing plant to IBM's personnel.
Iris and IBM have also engaged in a joint marketing agreement, by which they will pursue strategic collaboration in developing business opportunities in trusted identity sector on a worldwide basis. This would involve the production of electronic passport inlays, chip cards and associated peripherals. Iris counts on its presence in the US to be able to get into key smart card projects there.
Iris has secured contracts for identification documents from Cambodia, Turkey, Thailand, Nigeria, Bahamas, Somalia and Maldives. The company will also bid for the upcoming tenders from Taiwan, Egypt, South Korea, Saudi Arabia and a few African countries. In 2006, Iris sales reached MYR 234.5 million (EUR 50.9 million), down 22% vs. 2005, and the company pre-tax profit was MYR 6.38 million (EUR 1.39 million), down 12% vs. 2005.