Devenish Nutrition has secured €118m in long-term funding to develop its research and innovation capability. A significant amount of the investment is to go towards developing performance houses, such as the Global Innovation Centre in Dowth, Co Meath, and sustainable production systems.

The European Investment Bank (EIB) has contributed €40m of the funding in its largest ever support for agribusiness in Ireland. Along with the EIB, there have also been commitments from Ulster Bank and Danske Bank.

It is the first investment for an Irish agribusiness under the investment plan for Europe, known as the Juncker Plan. This fund was aimed at kickstarting investment in European businesses again following the economic crash.

Innovation

One part of the major expansion plan is the site in Dowth, where Devenish’s “One Health – from Soil to Society” research, development and innovation programme is based. The programme, announced at last year’s Ploughing, funds research into animal nutrition, food innovation, heath and sustainability.

The Belfast-based company’s long-term growth plan is to more than treble turnover from £100m (€112m) to £315m (€352m) and create a further 100 jobs to its employee base of 450.

Speaking about the funding, Richard Kennedy, group CEO of Devenish, said: “This funding will be invested in the business to build and grow our research and development, and manufacturing capabilities, as well as facilitate our mergers and acquisitions activity.

''We take great pride that EIB has the confidence to support not just the future of Devenish, but the future of the Irish agri-food sector overall.”

Commissioner

European Commissioner for Agriculture and Rural Development Phil Hogan added: "The Irish agribusiness sector contributes enormously to the Irish economy and particularly to the rural economy.

''The EIB's investment is an obvious statement of confidence in Devenish's ambition, but it is also a very tangible vote of confidence in Irish agribusiness and its potential to benefit from new and emerging global opportunities, particularly given the important emphasis that Devenish places on sustainability."

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Commitments from the EIB, Ulster Bank and Danske Bank have seen Devenish Nutrition secure €118m in funding to expand their business across Ireland and the UK.