[WATCH] De La Rue to retain currency printing facility in Malta

De La Rue to retain its currency printing operations • Video by Chris Mangion

Currency printer De La Rue will not be shutting down its currency printing facilities in Malta following negotiations undertaken by the company and the government.

In a press conference addressed by Prime Minister Joseph Muscat, Economy Minister Chris Cardona and De La Rue chief operating officer Rupert Middleton, the company announced that it will continue with its printing operations while also investing in a centre of excellence.

“The company has its workers to thank as the talented workforce was a pull factor for the company to continue its banknote printing line,” Middleton said.

The Prime minister said that following a number of internal meetings, he was “thrilled” to announce that the company has reassessed its position and will be developing its investment even further.

“This means that the program we have in place for the centre of excellence will continue and there will be no need for De la Rue to shed jobs. Had the production lines been discontinued, over 300 workers would have been laid off,” Muscat said.

He added that the present head count of 440 workers is expected to go up to 500 in the immediate future.

During the press conference it was also announced that MCAST will be rolling out a new program on printing as of next January
“This is not just about creating more jobs, but better jobs,” Muscat said.

De La Rue has been working in Malta for over 40 years and last year announced that it was creating a Centre of Excellence for Identity and Security Print in Malta, as part of a global investment of €33 million in equipment, factory upgrades and skills.

The works to create the Centre of Excellence are well advanced. De La Rue will continue to print currency in Malta within the new Centre of Excellence. The company confirmed that the move was designed to provide the flexibility to meet current and future customer requirements.

De La Rue confirmed that, as a result of the announcement and contrary to previous intentions, it will not be reducing its workforce and will not be offering further voluntary retirement schemes.

This in line with the revised need for an increased workforce aiming at a total resource of around 500 people in Malta.