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Crane Currency has announced that it will close its printing plant in Tumba, Sweden, moving its banknote printing operations to its newly opened facility in Malta.

The paper mill, design team and related departments will continue to operate from the Tumba facility.

The Swedish banknote printing plant has been operating since 1755 when it was run by the Riksbank, the country’s Central Bank. The plant was sold to Crane Currency in 2002.

170 employees and the Riksbank was informed by the company last Tuesday, citing a fierce competitive market resulting in the need to centralise its operations in Malta.

Crane announced its decision to build a new banknote printing facility and customer experience centre in Malta back in September 2016. The facility, which is nearing completion, was officially opened in February 2018. It will have three banknote printing lines and an annual capacity of 3 billion notes.