BOSTON, Sept. 21, 2016 /PRNewswire/ -- Crane Currency, a rapidly growing global producer of currency products, today announced plans to build a new banknote printing facility and customer experience center in the country of Malta. The Malta facility will represent an investment of approximately $100 million for the construction of the factory, the machinery and the equipment. The company expects to initially hire approximately 200 new employees. The planned 140,000 square foot facility, expected to be completed in early 2018, is being constructed in the Hal Far industrial area. The company made the announcement during a visit to its offices by the Prime Minister of Malta, The Honorable Dr. Joseph Muscat.
Crane currently supports its international customers from its Tumba, Sweden operations which includes a modern printing works, banknote paper mill and design services team and from its security technologies operation in New Hampshire and Georgia.
The country of Malta has a well-known history of banknote production providing Crane access to a skilled workforce. In addition, Malta has a business-friendly environment and is located in close proximity to many of Crane's customers. Crane Currency Malta will be the first commercial banknote printing facility to be built in several decades.
The state-of-the art banknote production and customer experience center will offer the latest in printing equipment and technology to support the most demanding customer requirements. As banknotes move away from 'ink on paper' to a combination of highly engineered substrates and applied security features like Crane's MOTION® micro-optics, the capabilities of the modern printing works must also evolve. Crane Currency Malta will reflect this technological evolution in its layout and equipment.
"What is being announced today is a significant landmark achievement for our nation," stated Dr. Joseph Muscat, Prime Minister of Malta. "To give one an inkling of the sheer significance of this investment to our manufacturing sector, I need only say that the last time the country managed to attract a greenfield investor that started its manufacturing operations with a comparable number of employees was in 1981."
"We are delighted to expand our banknote printing capacity with our new facility in Malta," stated Stephen P. DeFalco, Chief Executive Officer of Crane Currency. "I would like to extend my gratitude to Prime Minister Muscat and Malta Enterprise for their support. We look forward to a long term relationship with our future employees in Malta and to building the most modern banknote printing facility in the world."
About Crane Currency
Crane has been a global producer of currency products for more than 200 years and is entrusted by more than 50 central banks to play an integral role in the design and manufacture of their nations' banknotes. From the most traditional of cotton substrates to the most advanced micro-optic security elements and design, Crane is a responsive partner focused on delivering innovative products and solutions that meet clients' most demanding requirements. For more information, please visit www.cranecurrency.com.
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SOURCE Crane Currency