De La Rue plc today announces the commencement of its joint venture with the Government of Kenya on its currency and secure printing site in Nairobi, the Republic of Kenya.
De La Rue is the world’s largest commercial currency and security printer and the joint venture strengthens and builds on the Group’s existing long-term strategic relationship with the Government of Kenya. The site in Nairobi will become a centre of excellence for banknote production and security printing as outlined in De La Rue’s manufacturing restructuring which is now nearing completion.
Under the terms of the agreement, the National Treasury of Kenya (the “Treasury”) has taken a 40% stake in De La Rue’s wholly owned subsidiary, De La Rue Kenya EPZ Limited. De La Rue will continue to operate and manage the business day to day and will appoint three of the five directors of the joint venture’s Board. The Treasury has nominated Mr Samuel Kairu Njonde as the first Chair of the Board and the Cabinet Secretary for the Treasury will be one of the five directors.
The facility, which remains the only factory in Africa to hold the highest security accreditation (ISO14298 CB), employs around 300 people locally and will supply both the domestic and export markets. De La Ruehas a long history of supporting governments in Africa with currency and identity solutions and this Joint Venture enhances the Group’s position in East Africa and is in line with its strategic objective of building global partnerships.
Martin Sutherland, Chief Executive Officer of De La Rue, said: “De La Rue is delighted to have extended our longstanding relationship with the Government of Kenya into an ever closer partnership. The joint venture fits with our strategy of expanding into key growth markets through long-term partnerships and local investment. We are also encouraged about the growth potential and feel that the facility and the joint venture have an exciting future.”