An investment of €26 million in new premises and equipment was announced by Progress Press this morning.

The announcement was made by the directors when they briefed Prime Minister Lawrence Gonzi during a tour of the press in St Paul Street, Valletta, this morning.

Managing Director Adrian Hillman said the company had purchased 6,000 square metres of land in Mriehel and had commissioned the construction of 10,000 square metres of factory space. It was also purchasing state-of-the-art machinery for very long high quality print runs.

The investment will place Progress Press in a better position to compete for export orders.

Progress is one of the leading printing presses in Malta, as well as one of the longest-established. It was set up by Gerald Strickland in 1922, originally in Republic Street, Valletta.

It moved to St Paul Street in 1931 but the current premises have become too small for the growth the company expects to make.

Progress Press is engaged in the printing of a range of products including newspapers, magazines, manuals and books (hardback and paperback) with exports to EU countries, the United States and Africa.

Mr Hillman explained that expanding in new, larger premises would mean quicker production times, cost savings in transportation and storage and better economies of scale.

Progress Press was one of the first local printing concerns to achieve FSC standard (Forest Stewardship Council), a scheme through which one guarantees that paper is supplied from sustainably-managed forests.

Dr Gonzi was taken on a tour of the various departments of Progress Press. He congratulated the company for its investment and its export plans.

Progress Press forms part of the Allied Group, which also owns The Times, The Sunday Times and timesofmalta.com.

Dr Gonzi was also shown around by Vincent Buhagiar, Managing Director of Allied Newspapers and Austin Bencini, director.