SANTA ROSA, Calif., Aug. 20 -- Optical Coating Laboratory Inc. announced that its subsidiary, Flex Products Inc., has entered into a series of agreements with the China Banknote Printing and Minting Corp., a wholly owned subsidiary of the People's Bank of China, to provide optically variable pigment (OVP) for use on Chinese currency and other security documents issued by the government of the People's Republic of China.
Under the terms of the agreement, Flex will establish an OVP manufacturing facility in China within the next 24 months. The Chinese government has agreed to provide Flex with certain assurances and assistance to encourage and facilitate the establishment of this manufacturing facility. Pending the completion of the Chinese facility, Flex will supply China with OVP from its facilities in Santa Rosa, Calif.