West Cork dairy processor Carbery has secured a €35m loan from the European Investment Bank (EIB) to part-fund the construction of a new mozzarella cheese facility at its Ballineen processing plant. The €35m loan is repayable over 12 years.In total, Carbery will invest €78m at its Ballineen site to diversify into new cheese offerings, primarily mozzarella, which will allow it to target new emerging markets in Asia and the Middle East. The west Cork dairy processor has already received some €5.57m in State aid to build the new facility, following approval by the European Commission.
West Cork dairy processor Carbery has secured a €35m loan from the European Investment Bank (EIB) to part-fund the construction of a new mozzarella cheese facility at its Ballineen processing plant. The €35m loan is repayable over 12 years.
In total, Carbery will invest €78m at its Ballineen site to diversify into new cheese offerings, primarily mozzarella, which will allow it to target new emerging markets in Asia and the Middle East. The west Cork dairy processor has already received some €5.57m in State aid to build the new facility, following approval by the European Commission.
Construction is already under way at Ballineen and Carbery said it expects the project to be completed by 2020. Carbery currently produces 50,000t of cheddar cheese at its Ballineen site, which is about 25% of Ireland’s total cheese output. Carbery is heavily reliant on the UK market for its cheddar exports.
The €78m investment will give Carbery capacity to produce 25,000t to 30,000t of mozzarella annually and allow it to reduce its dependence on the UK.
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