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Coveney: €35m Dairy Investment 'Will Help Mitigate Commodity Price Volatility'

Published on Feb 3 2015 7:59 AM in Fresh Produce

Coveney: €35m Dairy Investment 'Will Help Mitigate Commodity Price Volatility'

A €35 million investment in the Irish dairy processing industry, announced yesterday will "help to mitigate the impact of commodity price volatility" on operators along the dairy supply chain, including farmers, according to Minister for Agriculture, Food and the Marine, Simon Coveney.

The investment will come from both Government and industry partners, and is designed to position Ireland as a world leader in dairy innovation and maximise growth opportunities created by a predicted 50% increase in the Irish milk pool by 2020.

Plans for the investment include a €25 million Dairy Processing Technology Centre (DPTC), supported by the Department of Jobs through Enterprise Ireland and dairy industry partners, hosted by University of Limerick. It will also include a €10 million investment by Teagasc and dairy industry shareholders in the expansion of the Moorepark Technology Ltd (MTL) pilot plant facility in Fermoy.

Seven dairy companies are investing in both initiatives; Arrabawn Co-op, Aurivo, Carbery, Dairygold, Glanbia, Kerry, and Tipperary Co-Op. Lakeland Dairies is part of the DPTC consortium only. The Irish Dairy Board and North Cork Co-op are investing in MTL.

“This is a perfect example of what can be achieved when clear and common policy objectives are supported by coherent action by Government agencies in partnership with industry," the Minister said.

“Investing in product and process innovation makes sense for a host of reasons. It ensures that value is added to high quality raw materials in Ireland and maximises the contribution of the dairy sector to employment creation and the Irish economy generally."

© 2015 - Checkout Magazine by Jenny Whelan

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