Belfast Telegraph

New boss for troubled banknote print firm

Banknote printer De La Rue will have a new chief executive from next month as it looks to recover from one of the toughest periods in its history.

De La Rue rubberstamped the appointment of Tim Cobbold and said his 20 years of management experience in the manufacturing sector would be invaluable following recent production difficulties.

Mr Cobbold has spent the last three years at secure power firm Chloride, which was recently taken over by America's Emerson Electric.

He will start his new job on January 1.

Shares in De La Rue, which prints notes for the Bank of England and more than 150 national currencies, have slumped by a third following production woes in July with one of its biggest clients, believed to be the Indian government.

The troubles claimed the scalp of former chief executive James Hussey and has cost the group £35m. The world's biggest banknote printer has said volumes are set to drop 20% in this financial year after it suspended shipments of the affected banknote for two months.

It claimed some employees falsified paper specification test certificates at a plant in Overton, Hampshire.