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The new production facility also signifies increased milk production capacity at the site
Ingredients manufacturer Carbery will invest €78 million on a new manufacturing plant in Ireland, in a move to diversify its cheese offering.
The investment will allow the organisation to diversify from its exclusive production of cheddar cheese into an expanded range of new cheese offerings. This is in response to increased market growth and consumer demand for mozzarella and other cheese varieties in emerging markets.
The new production facility also signifies increased milk production capacity at the site, which will have the capacity to process 4 million litres of milk each day.
The Group will be increasing its borrowings to fund the investment and thus will not seek to raise additional capital through its shareholder base.
Speaking on the investment, Jason Hawkins, Chief Executive Officer, Carbery Group, said; “Product and market diversification has always been a core part of our business and ongoing strategy, with this project in the planning for almost two years. As a global organisation, we are constantly looking to international consumption trends to further grow our offering and our business. Cheese such as mozzarella provide us with a more diversified product range and an opportunity to build a stronger foothold in new and emerging cheese markets such as Asia and the Middle East, while also providing us with a new product range and market opportunities, in sectors such as foodservice.”
With this, Carbery aims for cheese diversification to enable the business to harness the significant increase in consumer cheese consumption in Asian markets.