The news that De La Rue will double its operations in Malta and invest big millions on the island has taken over the news cycle on Tuesday. However, there were important contributions to be taken from De La Rue’s investment.
De La Rue CEO Clive Vacher took the stage to address the launch. He dwelled on the planned investment, but did not stop there. He spoke about Malta’s business-friendly approach.
“From the first time I visited as CEO, it was clear to me how business-friendly Malta is and how you continue to show incredible leadership and positive thinking about the creation of prosperity in your country,” said Mr Vacher.
“You continue to show incredible leadership and positive thinking about the creation of prosperity in your country.”
Yet he did not stop there. He went on to address beyond the crowd of employees and government officials.
Mr Vacher invited prospective international companies to invest in Malta because it is a good place to do business:
“I have only praise for our experience in Malta and would encourage prospective international companies to invest in this country with confidence.”
The scope is immense, he added. “From infrastructure and tourism to agri-business, manufacturing and a range of services. From our own 46-year experience, the skills, capability and willingness to learn and adapt have been overwhelmingly positive and we are excited to start the next phase of our journey together.”
The expansion will see De La Rue grow its current existing site from 17,000 sqm to 29,000 sqm; increase banknote production volumes to consistently reach over 2 billion banknotes per year, with the potential to increase when required; double the tax stamp capacity, while creating over 100 new careers in Malta by 2024.
Globally, De La Rue’s fortunes a few years ago were not rosy. In fact, Mr Vacher was entrusted with the turnaround of the company two years ago. De La Rue is in its second year of a three-year turnaround plan.
The announcement of the new plant in Malta has increased De La Rue’s share price by 0.9% at 186.80 pence in London on Wednesday.