Toshiba Corp. said Thursday it will set up a joint venture with Oesterreichische Banknoten und Sicherheitsdruck GmbH (OeBS), a wholly owned subsidiary of the Austrian National Bank, to promote sales of its latest bank note inspection machine and currency sorting machine.
The new firm, OeT Bank Note Sorting Solutions GmbH, will also offer maintenance services for Toshiba's global bank note processing systems, the Japanese electronics maker said in a news release.
Capitalized at 1.5 million euros, OeT Bank Note Sorting Solutions will be owned 51 percent by OeBS and 49 percent by Toshiba, Toshiba said.
The joint venture will start operating in Vienna in November, Toshiba said.
The new firm will be tasked with meeting the specific requirements of clients, such as bank note printers, national banks and other entities that handle large amounts of cash, including commercial banks, retailers and casinos, Toshiba said.
The Japanese firm said it will supply the joint venture with its latest bank note inspection machines, which check the quality of newly printed bank notes.