RYE Valley Foods, the Golden Vale subsidiary, will create 146 jobs in a £17 million sterling (€26 million) investment project in Enniskillen, Co Fermanagh. A new factory will manufacture a range of readymade frozen meals and jobs should be phased in within three years.

The news is expected to offset the effects of an announcement yesterday of 95 redundancies from the Unipork plant in Enniskillen.

Rye Valley supplies Irish and British supermarket chains with their own customised brands. The investment is part of Golden Vale's plan to expand its market position as a "major European supplier of prepared consumer foods", according to group managing director, Mr Jim Murphy.

Northern Ireland's Industrial Development Board is supporting the project with £4.25 million worth of assistance. IDB chairman Dr Alan Gillespie said the investment was a "major endorsement of Northern Ireland as a food manufacturing centre by an Irish company".

Golden Vale acquired Rye Valley Foods in 1998. Earlier this year, Rye Valley announced a £22 million investment in Carrickmacross, Co Monaghan. Golden Vale has several plants throughout the North and the Enniskillen operation will bring its total workforce in Ireland to more than 2,000 people.

"Eniskillen was chosen over a number of possible locations because of the availability of a young, quality workforce with a good standard of education and a willingness to develop new skills, the excellent infrastructure and the overall attractiveness of the area," said Mr Pat Doyle, managing director of Rye Valley Foods.

The company's decision to opt for Enniskillen will be a welcome boost - in recent years the IDB has a poor record of attracting inward investment to Co Fermanagh.

A further 16 jobs will be created with an additional £3 million investment by C&M Stores (NI) Ltd, Rye Valley's "storage and logistic partner", according to the IDB.