Carbery, headquartered in Liège, has secured a € 35 million loan from the European Investment Bank (EIB) to cover the cost of a € 78 million manufacturing plant in Ballineen.

The new factory, which is part of a € 100 million investment program from the company behind Dubliner cheese, will allow the company to diversify its product line and produce mozzarella for export.

Carbery, which employs 700 people, now operates from eight sites in Ireland, Great Britain, the United States, Brazil and Thailand. Its Ballineen factory is the largest cheese production plant in the Republic, producing nearly 25 percent of the state’s annual production.

The company is owned by four Irish cooperatives – Bandon, Barryroe, Drinagh and Lisavaird.

“Our latest investment is essential to exploit new international export opportunities and diversify our product line,” said Jason Hawkins, Managing Director.

He said this would ensure new markets for Irish dairy farmers.

The 12-year loan is the first Irish investment to be made under a streamlined EUR 400 million agriculture and bioeconomy finance program launched by the EIB last year.

The EIB is the world’s largest public international bank and last year provided € 970 for infrastructure and private sector investments across Ireland. This included 40 million euros for EY Entrepreneur of the Year winner Devenish Nutrition as part of a larger long-term funding deal of 118 million euros.

Andrew McDowell, EIB Vice President, said the bank was “committed to supporting transformational investments in Irish agriculture and food that strengthen rural communities”.

Carbery Group, which celebrated 50 years of production last year, announced an improvement in earnings before interest, taxes, depreciation and amortization to 43.9 million euros last year thanks to an increase of 1, 5% of its turnover to 423 million euros.