NFC Times Exclusive Insight – Germany-based Giesecke & Devrient turned around its financial results in 2015, including its money-losing banking and SIM card unit, thanks mainly to restructuring and higher shipments of EMV bank cards to China and the U.S., the privately held company disclosed Tuesday.
The vendor, also a major supplier of bank notes and government ID documents, cut nearly 1,000 jobs as part of a restructuring that began in 2014 and continues this year. The company seeks to save about €100 million (US$114 million) annually by the end of 2016.