At the groundbreaking ceremony of Crane Currency’s new Malta factory Prime Minister Joseph Muscat announced that the company’s and Governments mutual aim is to have the plant fully operational by the second quarter of 2018.
The €100 million investment was announced three months ago during Muscat’s visit to the company’s headquarters in Boston. It is the largest greenfield investment in manufacturing in Malta since the 1980s.
Crane Currency is the fastest growing global player in currency, investing substantially in micro-optic technology that prevents counterfeiting. It has been offering paper and security services to the US Government since 1879 and has also been awarded another five-year contract. Crane Currency designs and prints bank notes for about 50 Central Banks globally.
GREENFIELD PROJECT: The planned 140,000 square foot facility in Hal Far is expected to be completed in 2018. Photo Credit: Jason Borg/ DOI
To date the company has created 30 of a potential 500 Malta-based jobs.
The Prime Minister stated that the investment is a sign of confidence in Malta. “It is also a challenge for our institutions to deliver, act as firm but fair regulators, while ensuring that deadlines are met. It goes to show that our country is prepared to meet the challenges offered by top quality investors.”
The Prime Minister also referred to the challenges the country faces in preparing the human resources for such an influx of investment in this industry. He however said that this is a good problem to have.
He explained how within weeks Malta’s College of Arts, Science and Technology (MCAST) will be commencing their first course in the printing industry to prepare, train and retrain new workers who see an opportunity for a career in this industry.
ENTHUSIASM: The positive energy was paplable at the Hal Far ceremony, with Defalco and his team eager to hit the ground running. Photo Credit: Jason Borg/ DOI
The company’s CEO, Stephen Defalco, said the “state-of-the-art” centre would be a flagship facility for Crane. He described Malta as a natural choice because of the pro-business government, skilled workforce, the proximity to the company’s clients but also the warmth of the Maltese.