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It is generally believed that paper, a Chinese invention, was introduced to Europe by Arab merchants during the 13th century.

The paper is said to have landed in Fabriano, a tiny town in the Marche region of central Italy. The town, which later grew into the center of the European papermaking industry, developed the technique of watermarking. As the technique could be used to imbue paper with a monetary value, the city is credited as the birthplace of banknotes in Europe.

The company, known today as Fabriano, was originally founded in 1782 by the Miliani family. Following mergers with and acquisitions of papermaking factories in the area, the firm developed into a leading paper manufacturer, and turned Fabriano into an industrial town........

Read more at - http://business.asiaone.com/Business/SME%2BCentral/Brand%2BMe%2521/Story/A1Story20090521-142981.html