Announcement Of Significant Expansion In Malta
15 September 2021
DE LA RUE PLC
ANNOUNCEMENT OF SIGNIFICANT EXPANSION IN MALTA
De La Rue plc (LSE: DLAR) ("De La Rue", the "Group" or the "Company") is delighted to announce a major upgrade to the Group's facilities in Malta, increasing its existing 14,000 square-metre factory to become a 29,000 square-metre, state-of-the-art, manufacturing site. This investment is supported by Malta's economic development agency, Malta Enterprise, and the Government of Malta.
This project is a progression of De La Rue's strategy, aligning to, and supporting, the Turnaround Plan for both divisions. It will be delivered without exceeding the original total of £79.8 million investment outlined in the Turnaround Plan. Approximately 100 new jobs will be created in Malta as a result of this investment as the expansion will be delivered progressively with the majority of the work targeted for completion by the end of 2024 .
The new facility will be larger, more modern and more energy efficient, while improving the capability, flexibility, and efficiency of De La Rue's overall footprint. In line with the growth expectations of the Turnaround Plan and beyond, it will double the capacity for tax stamps and brand protection labels for the Group's Authentication division. It will also extend De La Rue's industry 4.0 journey, with manufacturing fully integrated with the Company's traceability software platforms.
For Currency, it will create the largest banknote facility in De La Rue's portfolio, provide a more flexible manufacturing footprint, and further solidify the Company's Business Continuity Plan. It marks a continuation in De La Rue's progression towards more sustainable manufacturing, which in turn supports the Group's customers to reduce their environmental impact.
Speaking about this expansion, Clive Vacher, CEO said, "De La Rue has been manufacturing in Malta since 1975 and we are extremely proud of the skilled workforce we have there. The De La Rue Malta site has a strong track record of effectively managing investment and consistently meeting targets against customer commitments. We continue to be humbled and honoured by the welcome of the Maltese people and government, and we look forward to further long-term continued cooperation."
Malta Enterprise is the country's economic development agency, tasked with attracting new foreign direct investment and facilitating the growth of existing operations. This project reflects the ongoing strong relationship between De La Rue and the Government of Malta.
Enquiries:
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De La Rue plc |
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+44 (0) 7387 122645 |
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Clive Vacher |
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Chief Executive Officer |
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Rob Harding |
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Chief Financial Officer |
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Matthew Rose |
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Director of Tax, Treasury, Investor Relations |
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Kirstie Thomas |
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Investor Relations Manager |
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Brunswick |
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+44 (0)207 404 5959 |
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Stuart Donnelly |
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Ed Brown |
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