De La Rue has been awarded a contract to jointly supply polymer for the Bank of England’s new £50 bank note.
The eight-year contract which sees the provision of the polymer substrate split between De La Rue and CCL, also includes future production of polymer for the current £5 and £10 banknotes.
Under these contracts the first call-off volume for production of the initial launch stock of £50 has been awarded 45% to De La Rue and 55% to CCL Secure Limited. The next call-off, which will cover the polymer £5 and £10, is expected to take place in 2020.
This award demonstrates further significant progress for De La Rue’s Safeguard® product, building on the 2017 contract award for 25% of the new £20 launch polymer.
The Bank of England started a formal public procurement process in December 2018 for the supply of polymer substrate for the £5, £10 and £50. The final decision to award contracts to De La Rue and CCL Secure was taken by the Court of the Bank of England. Supply of polymer under the new contract will commence in 2020 and the composition of the next £50 will be the same as for the current £5, £10 and £20.
Martin Sutherland, Chief Executive of De La Rue, said:
“We are delighted to have been chosen by the Bank of England to supply polymer substrate for the new £50 notes and to have the opportunity to supply Safeguard® for future production of the £5 and £10. This new contract is an important strategic milestone as we continue to increase our share of the fast-growing polymer market.
“We have a long-standing relationship with the Bank of England designing and printing banknotes - and now supplying Polymer substrate, which we believe will continue to go from strength to strength in the future.”
ENDS
Footnotes
- De La Rue are the sole printers of Bank of England banknotes at the Bank’s facility in Debden, having entered into a 10-year contract commencing April 2015.
- De La Rue’s polymer business has increased 23% in the last year. Including notes on order De La Rue’s Safeguard® polymer substrate is currently, or will be, adopted by 26 note issuing authorities across 61 denominations.
- Safeguard® is a registered trademark of De La Rue International
For further information, please contact:
De La Rue: Sinead Keller- Head of Media and PR
e. sinead.keller@delarue.com m. +44 (0)7584 155244
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 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 (LON-DLAR). For further information visit www.delarue.com
