Uk-based security printer De la Rue has decided to retain its currency printing facility in Malta while also going ahead with plans to set up a centre of excellence here, Prime Minister Joseph Muscat  announced this afternoon.

He made the announcement at a press conference with some of the currency's top officials and Economic Services Minister Chris Cardona.

The company currently employs 440 workers and this will increase to 500.

The company will invest €33m in new machinery in Malta to make its plant here a centre of excellence.

In January the company had said it would shed 300 jobs over two-and-a-half years and redeploy another 100 employees as it phased out the printing of banknotes in Malta. That has now been stopped

Today's announcement came exactly two months after US currency printer Crane announced it would set up a $100 million facility in Malta.

Dr Muscat said Malta would thus have a unique cluster of currency printers.

"We have refined the implementation plan for our global footprint to give us a better blend of outsourcing with a more flexible in house production capacity, and as a result will be keeping the remaining banknote print line open in Malta. Our highly skilled workforce in Malta have demonstrated that they are both flexible and productive, this is exactly what we need," De La Rue CEO Martin Sutherland commented. 

The company started operations in Malta in 1975.