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Secure Transactions News

Smartrac to manufacture in Brazil

Thursday 21 June 2007

"The Brazilian operations will also help Smartrac to avoid the country's import tariffs and win back market share in Brazil lost to Chinese rivals'' said Smartrac CFO, and soon to become CEO, Christian Fischer. Smartrac technology is already in use in Sao Paulo mass transit system. Further to a total investment of BRL 29 million (EUR 11.4 million), the plant is to be set up in the state of Amazonas, and is expected to employ 188 people.

Earlier this year, the company had opened its fourth factory in Thailand. Smartrac sales were EUR 52.5 million, a 108% increase vs. 2005. Christian Fischer reaffirmed the company's objective of a 50% growth in 2007 both in sales and in profits.