August 29, 2018
Ireland's Aurivo announces €48M investment programme, to upgrade dairy facility
Irish agricultural co-operative Aurivo has announced a €48-million investment as part of its Engage 2022 strategic growth plan.
The investment will fund a range of projects across its dairy ingredients, consumer foods and agri businesses between now and the end of 2022. The investment has been supported by the Department of Business, Enterprise and Innovation through Enterprise Ireland.
Key to delivering Aurivo's expansion programme is an extensive upgrade of its Dairy Ingredients plant in Ballaghaderreen, Ireland, which will include a state-of-the art production facility that will enable innovative new product development and further position Aurivo to meet global demand and anticipated market growth.
Aurivo said the installation of a new dryer for the site worth €26 million will start in September. It said this is critical to the business achieving its ambitious growth plans. Once completed, capacity at Aurivo's Dairy Ingredients facility will increase by 50% and will produce over 50,000 tonnes of milk powder and 15,000 tonnes of butter annually.
The investment also includes new Homeland retail store openings in the northwestern part of Ireland and safety- and efficiency-related matters across its Livestock Marts business. It also incorporates an expansion of Aurivo's feed manufacturing site in Ballaghaderreen, Co Roscommon.
Aurivo's Agribusiness, which manufactures the NUTRIAS brand of animal feed, has for the past several consecutive years registered sustained double-digit growth. The expansion and additional capacity at the feed mill, which will meet customer requirements in relation to volume and product choice, is also expected to generate demand for additional skilled workers in manufacturing and ancillary services.
"All our investment decisions and developments at the Co-Operative are designed to ensure that Aurivo is well positioned to take advantage of all future market opportunities for our milk producers", Aurivo Chairman Pat Duffy said.
CEO Aaron Forde said one of Aurivo's key strategic targets is to grow by 25% from a 400-million-litre milk business to a 500-million one by 2022.
"Aurivo operates from a strong financial platform. So, aligned to our organic growth plans which this investment programme focuses on, we will continue to look at suitable acquisitions and business partnerships that have the potential to deliver value to the business on behalf of its members", he said.