Daily Mirror (Northern Ireland)
100 JOBS SOWN UP
Agri-food firm in £106m Irish hub expansion
ONE of Northern Ireland’s most innovative agri-tech companies will add more than 100 jobs to its workforce over the next three years.
The move comes after Devenish Nutrition secured £106million in funding to grow its business.
The Belfast company will develop a purpose-built Global Innovation Centre in Dowth, Co Meath, from where it will showcase its One Health – From Soil To Society’ research programme.
It will also fund innovation-related capital projects and studies into optimised animal nutrition, food innovation, health and sustainability.
The firm produces products which are added to animal feed to boost nutrition and is also focused on the food industry and human health. The funding has been anchored by €40million from the European Investment Bank as well as joint funding from both Ulster Bank and Danske Bank.
Devenish said the injection will help it grow its turnover by £100million to £315million by 2021.
Boss Richard Kennedy said the investment marks a milestone for the GREG Clark, UK Secretary of State for Business, Energy and Industrial Strategy, visited Diageo’s Baileys production facility at Mallusk this week. He met firm. He added: “This funding will be invested in the business to build and grow our research & development and manufacturing capabilities as well as facilitate our mergers and acquisitions activity.
“We take great pride that EIB have the confidence to support not just the future of Devenish but the future of the Colin O’brien, Diageo’s supply chain director, right, and Lewis Bryans,centre, engineering manager at Baileys Mallusk.
The site, which opened in 2003, Irish agri-food sector overall.” EY Ireland acted as corporate finance and tax advisors on the transaction.
European Commissioner Phil Hogan said agri-business is key to the economy.
He added: “There are huge opportunities for companies like Devenish who have a vision for the future, but they are operating in a highly-competitive environment where investment, particularly in research and innovation, is essential to maintain a competitive edge.
“Today’s announcement by the EIB under the Investment Plan for Europe is very welcome, coming at a time of uncertainty for the Irish agri-business sector. It is a strong statement of confidence in the resilience of the sector and its capacity to grow.” produces more than five million cases of Baileys every year. Around 97% of the liqueur made at Mallusk is exported, mainly to the US and Europe.