French contactless technology manufacturer ASK, which focuses on the identity and transport markets, has announced the signing of an agreement with its partner WS Packaging Group to acquire 48.89% of their joint venture ASK IntTag. This raises ASK's stake in its U.S.-based unit to 99%, with WS Packaging keeping 1%."This agreement is a major step in the strategic plan implemented by ASK since its Initial Public Offering on Euronext in 2014, one pillar of which is to grow the group's presence in the United States", said the company.ASK aims to consolidate its industrial plants and will benefit from complete control of its production capacity in the fast-growing American market through the takeover, it added.Since 2013, ASK has been Infineon's technological partner for the production of e-covers used by the Government Printing Organization (GOP) in the manufacture of US electronic passports and in supplying electronic driver's licences in several US states (Michigan, Minnesota, Washington, Vermont). ASK also supplies contactless transport cards to public transport operators in many U.S. cities including Chicago, Los Angeles, Miami, San Diego, and others.ASK is one of few European technology companies to have a presence simultaneously at federal and state level, as well as in major US cities.Under the terms of the agreement, which will take effect in the next few weeks, ASK acquires 48.99% of ASK IntTag for US$4 million in cash (€3.5m). Until now recognized in ASK's financial statements as an equity associate, ASK IntTag will be fully consolidated from 1 March 2015. In 2014, ASK IntTag posted revenues of US$8.6 million (€6.1m).

Also in the news:

Default ThumbnailGemalto expands SafeNet portfolio Default ThumbnailKuwait to receive first batch of ePassports Default ThumbnailSouth Africa to roll out more IDs via banks