Commencement of Kenya joint ventureSource: RNS
DE LA RUE PLC
Commencement of Kenya joint venture
18 April 2019
De La Rue plc ("De La Rue" or the "Group") 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 Rue has 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."
De La Rue plc's LEI code is 213800DH741LZWIJXP78
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De La Rue plc +44 (0)1256 605000
Sinead Keller Head of Media and PR
Lili Huang Head of Investor Relations
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About De La Rue
De La Rue's purpose is to enable every citizen to participate securely in the global economy. As a trusted partner of governments, central banks and commercial organisations, De La Rue provides products and services that underpin the integrity of trade, personal identity and the movement of goods.
As the world's largest designer and commercial printer of banknotes, De La Rue designs, manufactures and delivers banknotes, banknote substrates and security features to customers in a world where currency will continue to be a key part of the developing payments eco-system. De La Rue is the only fully integrated supplier of polymer banknotes, and creates security features that ensure banknotes are protected against counterfeiting.
De La Rue is the world's largest commercial designer and printer of passports, delivering national and international identity tokens and software solutions for governments in a world that is increasingly focused on the importance of a legal and secure identity for every individual.
De La Rue also creates and delivers secure product identifiers and 'track and trace' software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties.
De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com
Cautionary note regarding forward-looking statements
These results include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout these results and the information incorporated by reference into these results and include statements regarding the intentions, beliefs or current expectations of the directors, De La Rue or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of De La Rue and the industry in which it operates.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond De La Rue's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in these results and/or the information incorporated by reference into these results. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates, are consistent with the forward-looking statements contained in these results and/or the information incorporated by reference into these results, those results or developments may not be indicative of results or developments in subsequent periods.
Other than in accordance with its legal or regulatory obligations, De La Rue does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
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