Currency producer and authentication solutions provider De La Rue is set to invest “millions” in its Malta plant, expanding its local factory and increasing its employees, according to Prime Minister Robert Abela.
The investment is set to double the size of the factory and create 100 new jobs.
While Dr Abela did not specify exactly how much the company would be investing in the expansion, he did claim that the expansion would make the plant one of the company’s largest, and that work will start immediately.
Addressing an event at the factory alongside the Prime Minister, De La Rue CEO Clive Vacher said the new factory will be “larger, more modern and energy-efficient”.
He also emphasised that it would be “careers”, rather than “jobs” that would be created at the location, while encouraging local businesses to invest in the island.
With the increase in size, he projected that the factory is set to print more than two billion banknotes every year.
De La Rue has a long and “proud” history in Malta, and its relationship with the country goes back over a century to when it produced Malta’s first stamp in 1860 and became the supplier of its banknotes in 1918.
The company’s Malta site, according to its website, exports over 14 billion unique banknotes, tax stamps and other high security products to over 85 countries around the world.