11th May 2018

Proposal to close the Tumba Print Works

Crane Currency has recently submitted a proposal to close the printing works in Tumba, Sweden. The paper mill operations, design team and the international currency support functions will remain in Tumba. Approximately 240 roles will remain in Tumba after the proposed print works closure.

It is anticipated that closure of the print works will be complete by the end of December 2018. All orders scheduled for printing after that time will be produced in Malta or at a partner site.

“Since we acquired the banknote production operations in Tumba, Crane has invested over US $100M into the facility to improve the performance and competitiveness of its operations. However, even with these investments, a single print line operation that is unable to scale and meet the productivity demands of this challenging industry is in the long-term unsustainable,” stated Annemarie Watson, President of Crane Currency.

“We recognize and appreciate that our print works associates have been exemplary in their efforts to meet the demands of an extremely competitive market. The company is committed to minimize compulsory job losses and to provide support to those affected to find alternative employment within Crane Currency or locally.”

“We firmly believe the path forward for Crane Currency and the resultant strengthening that it brings to our continuing operations in Sweden and abroad, will allow us to better serve all of our valued Central Bank customers.”