From MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – THE Government of Kenya has acquired a major stake in De La Rue’s wholly-owned local subsidiary in a deal worth £5million.
The transaction with De La Rue, the United Kingdom banknote manufacturer, security printing, and papermaking company, is expected to complete by the end of the year.
The Nairobi factory will produce 1 billion banknotes a year, with potential to increase the production output by 50 percent with the installation of new equipment.
Martin Sutherland, Chief Executive Officer of De La Rue, says De La Rue is delighted to have extended its longstanding relationship with the Government of Kenya into an ever closer partnership.
“The joint venture will secure our position as a supply hub of currency and security solutions for the largest economy in East Africa and for the region ensuring a continuing and stable supply of technically advanced currency,” says Sutherland.
The joint venture will secure our position as a supply hub of currency and security solutions for the largest economy in East Africa.
The joint venture’s facility in Nairobi will become one of 3 manufacturing Centres of Excellence for banknote and security printing identified as part of the Group’s recent footprint review.
These Centres of Excellence will share up to £15 million of investment over the next two years.
The Kenya facility will produce for both the domestic and export markets, and directly employs 290 people locally.
Deputy British High Commissioner to Kenya, Dr John Murton, says Britain has the fifth largest economy in the world and, as it prepares to leave the EU, is committed to increasing its trade and investment links globally.
“Kenya is a regional powerhouse and the gateway to East Africa and beyond. The new agreement signed today shows our economic partnership at its best, with UK business investing in Kenya’s economy and working with the Government of Kenya to deliver a vital service for the country,” Murton says.
– CAJ News