[WATCH] $100 million investment to develop Crane Currency banknote facility in Malta

In a live-streamed video from Boston at Crane Currency’s headquarters, Prime Minister Joseph Muscat today Wednesday announced the signing of a new agreement that will lead to a $100 million investment and the creation of 200 jobs.

The banknote printing investment company will be preparing for operations in Malta over the coming year, with training courses aimed at both young and older workers to acquire necessary skills to land a job at the Hal Far site where Crane will have its facility, next to the Playmobil factory.

“What is being announced today is a significant landmark achievement for our nation, and I believe it is an extremely pleasant coincidence that we are marking it on the 52nd anniversary of Malta’s Independence,” Muscat said.

Thrilled Crane Currency chose #Malta for $100m investment,300quality jobs. Most significant greenfield manufacturing investment since1981-JM pic.twitter.com/EqpPtR8aEg

— Joseph Muscat (@JosephMuscat_JM) September 21, 2016

Talks with Crane had been ongoing for around six months, with Crane CEO Stephen DeFalco describing talks with the government and Malta Enterprise as “the most responsive team I’ve had the pleasure to work with”.

Crane is ranked as the third largest currency manufacturer in the world.

The opportunity for Crane Currency arose when De La Rue decided to restructure its operations in Malta, shifting focus away from currency printing to another niche within the same sector. 

De La Rue, the biggest currency manufacturer in the world, will remain in Malta.

“The Crane story demonstrates how hard work, networking, perseverance, and belief in our national offering can really turn challenges into opportunities,” Muscat said. “It shows that globalisation is a process in which one has to be innovative, proactive instead of being complacent because of limitations.”

Education Minister Evarist Bartolo expressed his satisfaction at the project, arguing that it will lead to the creation of specialized training in advanced manufacturing creating top quality jobs.

Muscat thanked economic minister Chris Cardona, Malta Industrial Parks chairman Tony Zahra, and Bank of Valletta chairman John Cassar White among others, which included his chief of staff Keith Schembri, whom he described as “the catalyst in making sure that things get done”.