The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture, Printing And Reproduction Of Recorded Media Printing And Reproduction Of Recorded Media 18.12 - Other printing
No information on job gains number available
Announcement Date
1 December 2015
Employment effect (start)
2 December 2015
Foreseen end date
30 June 2018
Description
De La Rue, the world largest commercial banknotes printer and passport manufacturer, will be reducing 300 from its current 550 employees at its company in Zejtun, Malta. The move follows the company’s plan to increase profitability by phasing out the printing of banknotes from its site in Malta. Meanwhile, the company stated that it will be investing €21 million in equipment and skills to relocate its current identity and security print capability from Gateshead in the UK to Malta. De La Rue anticipates that their proposed restructuring plan will be finalised by the first half of financial year 2018/2019. Taking into consideration the published timeframe for this restructuring process it can be assumed that within the next 9 months the said company will cut at least 100 jobs out of the 300 jobs it plans to terminate.
The General Workers’ Union (GWU) confirmed that the company is planning to dismiss 300 workers and said the union is currently holding talks with the company.
Update 22/11/2016: De La Rue reversed its decision, will retain and expand currency printing operations in Malta. Unofficial sources claim that Brexit was a significant factor leading to the reversal of this decision by De La Rue. The company is relocated its activity from the UK to Malta and investing 21 million euros to expand them.
Eurofound (2015), De La Rue, Reshoring in Malta, factsheet number 85663, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85663.
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