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(ShareCast News) - De La Rue has been awarded a ten-year contract from the Bank of England to supply the base material for its new polymer £20 notes.
The bank note manufacturer confirmed on Thursday that the polymer contract had been won on top of contracts to design and print the notes, which will be issued in 2020.
According to the contract, De Le Rue will supply the central bank its "safeguard polymer substrate" for 25% of the first call-off volume with production expected to begin in the financial year of 2018-2019.
Martin Sutherland, chief executive officer of De La Rue, said the contract offered the potential to increase the company's share of a fast growing market.
"We are delighted to have been chosen by the Bank of England to supply polymer substrate for the new £20 notes in addition to our existing work designing and printing the notes. De La Rue is the only fully integrated supplier of polymer banknotes in the world.This new contract is an important strategic milestone and will increase our share of this fast growing market.
"Having worked closely with the Bank to design and print the new polymer £5 and £10 notes, we look forward to continue our close relationships and the successful delivery of the new £20 notes in 2020 and beyond."
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