Papierfabrik Louisenthal

What Papierfabrik Louisenthal does

Papierfabrik Louisenthal GmbH is a German manufacturer of banknote substrates and security features, operating as a wholly-owned subsidiary of Giesecke+Devrient's Currency Technology division. The company produces cotton-based and hybrid cotton-polymer banknote papers alongside a portfolio of integrated security features — watermarks, security threads (RollingStar i+, Galaxy, Venus), foil elements (RollingStar Patch, JUMP), secure windows (varifeye ColourChange Patch), embedded covert features, and printed security elements. Manufacturing is split across two specialized sites in Germany — the headquarters and primary mill at Gmund am Tegernsee (~750 employees) and the Königstein site in Saxony (~300 employees) — with combined production capacity of over 20,000 tonnes of banknote paper per year. The Munich office (~50 employees) houses sales, marketing, and product management within G+D's headquarters. The Königstein PM4 paper machine, installed in 2009, is described as the world's fastest and most modern banknote paper machine. The company also leverages its foil and paper expertise for two non-currency product lines: SmartMesh transparent conductive foil for automotive interior heating (co-developed with IAV for EV applications) and SmartFeel carbon-fiber conductive paper for electric surface heating in buildings.

The business model is project-based B2B direct sales to central banks and government printing authorities in over 100 countries, with long-term multi-year supply agreements and co-development of currency redesigns. Pricing is contractually negotiated and not publicly disclosed; there is no subscription, licensing, or retail channel. Commercial channels are exclusively direct enterprise field sales, complemented by participation in industry conferences (High Security Printing EMEA/Asia/Latin America, IACA). The customer base is concentrated by customer type — all core revenue comes from monetary authorities and government ministries — but diversified across geographies. Awards-based case studies in 2024-2026 (Kenya, Zambia, Morocco, Eswatini, Guatemala, Tajikistan, Kazakhstan, Suriname, Lesotho) demonstrate continued contract wins across emerging and frontier markets. Beyond substrates and features, Louisenthal sells design services, end-of-life repurposing (Banknote Fiber Extractor for industrial-scale cotton fiber recovery from unfit notes, plus composting and thermal recovery), and product authentication solutions. The Green Banknote Initiative positions the firm as an ESG-mandate-aligned supplier with SBTi-validated net-zero targets at the parent, CDP B-rating, DIN CERTCO biobased content certification, and FSC credentials.

Name

Papierfabrik Louisenthal

Legal name

Papierfabrik Louisenthal GmbH

Website

https://louisenthal.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Papierfabrik Louisenthal manufactures cotton and hybrid banknote substrates plus proprietary security features (RollingStar, varifeye, Galaxy threads and foils) for central banks and government printing works in over 100 countries, operating as a Giesecke+Devrient subsidiary from two German production sites.

Ownership category

akta.pro rank

Product category

Banknote Substrate and Security Feature Manufacturing

NAICS

Paper Mills (322120), Converted Paper Product Manufacturing (3222), Paper Manufacturing (322)

SIC

Paper Mills (2621), Papers & Allied Products (2600), Converted Paper & Paperboard Prods (No Contaners/Boxes) (2670)

akta.pro primary industry

Specialty Paper Manufacturing (Coated, Release, Thermal, Filter, Security) (IMAMAEAC)

akta.pro secondary industries

Printing & Business Forms (continuous forms, checks, tickets) (IMAMAHAH), Paper Converting Services (slitting, sheeting, coating, laminating, rewinding) (IMAMAHAJ)

Keywords

• Banknote paper manufacturing
• Security substrate production
• Currency printing materials
• Banknote security features
• Holographic foil elements

Headquarters

HQ city

Gmund Am Tegernsee

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Banknote Substrate and Security Feature Sales: B2B revenue from manufacturing and selling cotton-based banknote papers, hybrid substrates, security threads, foil elements, secure windows, and watermarks to central banks and government printing works worldwide. Revenue is project- and contract-based, driven by periodic banknote redesign cycles, new currency introductions, and ongoing supply agreements. No subscription or licensing model is described.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Papierfabrik Louisenthal manufactures cotton-based banknote papers, hybrid cotton-polymer substrates, watermarks, security threads, holographic foil elements, and secure windows for central banks and government ministries in over 100 countries. The company produces substrates, security features, and integrated design services for national currency production, leveraging proprietary technologies such as ColourShift, micromirror, LaserCut, and MultiCode. It also extends its foil and paper manufacturing capabilities to industrial heating solutions (SmartMesh and SmartFeel) and end-of-life banknote repurposing services.

Product overview

Papierfabrik Louisenthal is a global leader in banknote substrates and security features for currency and identity documents. Its portfolio is organized around three core pillars: substrates (cotton-based banknote papers, hybrid papers, and security papers), security features (watermarks, security threads, foil elements, secure windows, embedded covert security, and printed features), and industrial solutions (SmartMesh transparent conductive foil and SmartFeel carbon-fiber heating paper). The company also provides end-of-life repurpose services for banknotes (fiber extraction, composting, thermal recovery) and product authentication. Substrates and security features are sold as separate but complementary product lines that are integrated into banknote design, while industrial solutions leverage the same foil and paper manufacturing capabilities for non-currency applications.

Differentiator

Problem solved

Functional benefit

Brands

• Green LongLife™: Banknote paper made with renewable fibers for enhanced durability and sustainability.
• Green Banknote™ Initiative
• JUMP™ Foils
• RollingStar® i+
• RollingStar® Patch
• varifeye® ColourChange Patch
• SmartMesh®
• SmartFeel®
• LongLife™
• Hybrid™
• varifeye®
• Galaxy®

Products and services

• Banknote Papers Cotton-based and hybrid paper substrates for banknotes, offering watermarks, security threads, and foil integration, with variants for enhanced durability (LongLife) and sustainability (Green LongLife). Sold to central banks and government printing works for national currency production.
• Security Papers
• Green LongLife Banknote Paper Banknote paper made with renewable fibers for enhanced durability and sustainability, combining the durability advantages of cotton-based paper with improved environmental performance. Sold to central banks.
• Hybrid Addvance Substrate A hybrid banknote substrate combining cotton fibers with a thin polymer foil layer (as thin as 6 micrometers) to protect the cotton core from dirt and moisture, significantly extending banknote circulation life. Compatible with all existing security features without design changes. Sold to central banks.
• varifeye ColourChange Patch A secure window and patch security element combining micromirror and laser-cutting technologies, with effects visible from both sides of the banknote. Provides dual-sided authentication for central bank customers.
• RollingStar Patch Foils Foil patch combining micromirror and ColourShift technologies for dynamic color changes when the banknote is tilted. Applied to one side of the banknote and resistant to wear throughout the banknote lifecycle. Sold to central banks.
• JUMP Foils Holographic foil elements that animate motifs on the banknote surface when tilted, turning each banknote into a visual storytelling medium for central bank branding.
• RollingStar i+ Security Threads Security threads embedding multi-facet substructure micromirror technology with ColorShift and dynamic effects, with MultiCode magnetic properties for machine-readable coding. Embedded in cotton-based banknote substrates. Sold to central banks.
• RollingStar Venus Security Threads Nanoscale security thread technology delivering advanced optical effects at the smallest scale, enhancing counterfeit resistance with exceptional visual differentiation. Sold to central banks.
• LEAD Micromirror Foil Award-winning micromirror foil technology producing high-brilliance holographic security effects. Applied on banknote series. Sold to central banks.
• Galaxy Registered Security Threads Registered security thread technology combining visual, magnetic, and machine-readable security properties. Deployed in award-winning banknote series for central banks.
• SmartMesh Transparent Conductive Foil A transparent foil with a deposited metal network for industrial surface heating applications, notably automotive interior heating (windshields, headlights, roofs, armrests). Can reduce EV interior heating energy consumption by up to 20%. Withstands 100,000 bending cycles. Sold to industrial manufacturers and automotive OEMs.
• SmartFeel Conductive Paper Carbon fiber-based electrically conductive paper for electric surface heating systems in buildings. Ultra-thin (less than 0.2 mm), lightweight, diffusion-open, 100% plastic-free, and recyclable. Integrable into walls, ceilings, and floors and compatible with smart home systems. Sold to building materials companies.
• Banknote Repurposing Solutions End-of-life banknote recycling services including Banknote Fiber Extraction (BFE) technology, industrial composting (e.g., Central Bank of Colombia), and thermal recovery. Turns unfit banknotes into reusable raw materials or energy and supports circular economy goals. Sold to central banks.
• Banknote Design Services Banknote and security document design services combining aesthetic appeal with security features; helps central banks and governments tell their national story through currency design. Sold to central banks and government ministries.
• Product Authentication Solutions Brand protection and product authentication solutions applying Louisenthal's security technologies to industrial products, enabling instant authenticity verification and brand trust. Sold to industrial manufacturers and brand owners.

Quantifiable outcome

• Triple banknote lifespan: Bank of Jamaica's $100 note went from 4 months to 12 months circulation with Hybrid™ substrate, eliminating 2/3 of replacement printing cycles
• +4 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

One partnership is on record.

• IAVcoreStrategic or Co-development Partner · 19 November 2020Louisenthal and IAV (a leading automotive engineering specialist) co-developed a new heating system for electric vehicle interiors using SmartMesh® transparent conductive foil technology. The collaboration aims to reduce EV interior heating energy consumption by up to 20%, extending vehicle range by approximately 6% while improving driver and passenger comfort. IAV contributed automotive engineering expertise while Louisenthal provided SmartMesh® foil technology. This is a mutual co-development partnership with both parties contributing expertise to a shared technology solution.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• De La Rue: UK-based banknote printer and security paper/substrate manufacturer; competes directly with Louisenthal on cotton substrate supply and integrated security features (threads, foils, watermarks) for central bank customers.
• Crane Currency (Crane NXT): The most direct competitor in cotton-based banknote substrates and security features, supplying central banks globally and competing head-to-head with Louisenthal on substrate spec-ins for major currency redesigns.
• CCL Secure: Global leader in polymer banknote substrates (Guardian™), competing with Louisenthal's cotton and Hybrid™ substrates at the substrate selection stage of currency redesigns.
• Royal Joh. Enschedé: Dutch security printer producing banknote paper, identity documents, and stamps; competes with Louisenthal in high-security paper and design services for national issuing authorities.
• Fortress Specialty Coatings (formerly Arjowiggins Security): Specialty security paper maker producing substrates and security features for banknotes, passports, and identity documents — direct overlap with Louisenthal's converted security paper portfolio.

Emerging players

• Canatu: Finnish transparent conductive film (carbon nanotube) maker competing with SmartMesh® in transparent heating for automotive interiors and ADAS sensor applications.

Broad incumbents

• SICPA: Swiss global leader in security inks and traceability solutions; competes with Louisenthal in covert security features and end-to-end authentication offerings to governments and brand owners.
• Giesecke+Devrient (Banknote Solutions division): Parent group's banknote printing and solutions arm; overlaps commercially and technically with Louisenthal's substrate and security feature offerings, including integrated currency solutions sold to the same central bank customers.
• Komori Corporation (Currency Technology): Japanese printing-equipment manufacturer with a dedicated currency technology business; overlaps with Louisenthal in security printing solutions and supplies to central bank printing works.

Regional players

• Note Printing Australia (RBA subsidiary): Subsidiary of the Reserve Bank of Australia producing polymer banknotes for Australia and other countries; competes with Louisenthal in selected regional substrate and security feature RFPs outside of Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedIngi-de.com/en

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Papierfabrik Louisenthal