80 jobs will be created in Wigton at a company that will produce the Bank of England's new five and ten pound notes.
Innovia Security will spend 20 million pounds on a new factory to make the bills in 2016.
The first new-style polymer-plastic five pound note will feature the face of Winston Churchill.
A year later the polymer ten pound note featuring Jane Austen will come into circulation.
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His father, Secretary of State for Scotland David Mundell, is one of the highest profile Remain supporters north of the border.
The company that owns a Cumbrian nursing home has been fined £400,000 after a 91-year-old woman died after falling from her bed.