De La Rue PLC Creation of Kenya Joint Venture (4752H)
August 18 2016 - 5:57AM
UK Regulatory
TIDMDLAR
RNS Number : 4752H
De La Rue PLC
17 August 2016
DE LA RUE PLC
Creation of Kenya Joint Venture
18 August 2016
De La Rue plc ("De La Rue" or the "Group") today announces that
it has signed an agreement to enter into a joint venture with the
Government of Kenya.
The joint venture strengthens and builds on our existing long
term strategic relationship with the Government of Kenya. This
agreement enhances the Group's position in East Africa and is in
line with our strategic objective of building global partnerships.
The joint venture's facilities will become one of the Centres of
Excellence for banknote and security print identified as part of
our recent manufacturing footprint review. The facilities,
employing around 290 people locally, will be based in Nairobi and
will supply both the domestic and export markets.
Under the terms of the agreement, the Government of Kenya will
take a 40% interest in De La Rue's wholly owned subsidiary, De La
Rue Kenya EPZ Limited, for a cash consideration of GBP5.0m payable
upon completion.
The transaction is expected to complete by the end of this
calendar year. De La Rue will continue to operate and manage the
business following the completion.
Martin Sutherland, Chief Executive Officer of De La Rue,
commented:
"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. It will
secure our position as a supply hub of currency and security
solutions for the largest economy in East Africa and for the
region."
- ends -
Enquiries:
De La Rue plc +44 (0)1256 605000
Martin Sutherland Chief Executive Officer
Jitesh Sodha Chief Financial Officer
Lili Huang Head of Investor Relations
Brunswick +44 (0)207 404 5959
Jon Coles
Oliver Hughes
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 both paper and 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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