Money printer appoints an executive of note

De La Rue yesterday approved the appointment of Tim Cobbold and said his 20 years of management experience in manufacturing 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 per cent 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.

De La Rue is also a takeover target after it last week rejected a potential offer, reportedly worth around 750m from French rival Oberthur Technologies.

Mr Cobbold, who has held senior roles at engineering firm Smiths, said he hoped to deliver on De La Rue's potential as an industry leader.

He added: "De La Rue has a long established reputation as a global leader in an industry with unique characteristics.

"I look forward with the rest of the board, to demonstrating De La Rue's fundamental value by building on its core strengths as an independent company and growing value for its shareholders."