The state-of-the-art facility is estimated to create some 200 jobs, going up to 300 in currency business
In a live-streamed video from Boston at Crane Currency’s headquarters, Prime Minister Joseph Muscat announced the signing of a new agreement that will lead to a $100 million investment and the creation of 200 jobs.
The banknote printing investment company will be preparing for operations in Malta over the coming year, with training courses aimed at both young and older workers to acquire necessary skills to land a job at the Hal Far site where Crane will have its facility, next to the Playmobil factory.
“What is being announced today is a significant landmark achievement for our nation, and I believe it is an extremely pleasant coincidence that we are marking it on the 52nd anniversary of Malta’s Independence,” Muscat said.
Talks with Crane had been ongoing for around six months, with Crane CEO Stephen DeFalco describing talks with the government and Malta Enterprise as “the most responsive team I’ve had the pleasure to work with”.
Crane is ranked as the third largest currency manufacturer in the world.
The opportunity for Crane Currency arose when De La Rue decided to restructure its operations in Malta, shifting focus away from currency printing to another niche within the same sector.
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De La Rue, the biggest currency manufacturer in the world, will remain in Malta. “The Crane story demonstrates how hard work, networking, perseverance, and belief in our national offering can really turn challenges into opportunities,” Muscat said. “It shows that globalisation is a process in which one has to be innovative, proactive instead of being complacent because of limitations.”ng can really turn challenges into opportunities,” Muscat said. “It shows that globalisation is a process in which one has to be innovative, proactive instead of being complacent because of limitations.”
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