Belfast-based agri-food business Devenish Nutrition has received €118 million in long-term funding from the European Union (EU), which will be used to enhance the company’s R&D capabilities.
The refinancing deal includes a €40 million loan from the European Investment Bank (EIB) as part of the Investment Plan for Europe, adding to investments from both Ulster Bank and Danske Bank.
According to Devenish, the funding will allow the company to construct a new innovation centre in County Meath, Ireland, as well as funding research projects into optimised animal nutrition, food innovation, health and sustainability.
Devenish claims that the new innovation centre will enhance its ‘One Health from Soil to Society’ soil improvement research programme, which aims to optimise the productivity and profitability of farms.