De La Rue will be staying in Malta and will increase its investment in its currency printing operations, raising the number of employees to 500, it has just been announced.

De La Rue had announced in December 2015 that it was to reduce its workforce by 300 over a period of three years.

But, in a hastily called up media briefing today, Prime Minister Joseph Muscat announced that the company will remain present in Malta.

In a statement issued later, De La Rue said that as part of its ongoing review of Global operations, the company will continue to print currency at its factory in Malta.

As a result of today’s announcement, contrary to previous intentions, De La Rue 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.

Minister Chris Cardona said that this decision was reached after discussions between the company and Malta Enterprise. He said that this also shows the trust by the company in Malta.

Rupert Middleton, CEO of De La Rue thanked Malta Enterprise and the General Workers Union for their support.

Prime Minister Joseph Muscat said that this marks a very important day for the manufacturing industry in Malta and said that together with Crane Currency, the country will be hosting two of the major currency printing companies in the world. 

The company 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, today’s announcement will see De La Rue continue to print currency in Malta within the new Centre of Excellence, the company said.

De La Rue is the world’s largest commercial printer of both banknotes and passports. Today’s announcement comes on the back of a solid business performance by De La Rue, who confirmed that the move was designed to provide the flexibility to meet current and future customer requirements, the compamy said.

Martin Sutherland, the CEO of De La Rue commented: ‘We have refined the implementation plan for our Global footprint to give us a better blend of outsourcing with a more flexible in house production capacity, and as a result will be keeping the remaining banknote print line open in Malta. Our highly skilled workforce in Malta have demonstrated that they are both flexible and productive – this is exactly what we need’.

Prime Minister Joseph Muscat met De La Rue Chief Operating Officer Mr Rupert Middleton and Mr Edward Chetcuti, Director and Head of Malta Operations today, the company said. 

Furthermore, the Prime Minister announced that MCAST will be opening a new course in printing to provide necessary workers in the industry.