A £22 million (€27.93 million) investment in the Rye Valley Foods plant at Carrickmacross, Co Monaghan, is expected to create 260 new jobs over the next three years. When the work is completed at the plant, which processes frozen ready meals, it will be the largest of its type in Europe.
The company, which was purchased by Golden Vale last year, is already the largest employer in County Monaghan, with a workforce of 450 people. Making the formal announcement of the expansion in Dublin yesterday, the Minister of State at the Department of Agriculture and Food, Mr Ned O'Keeffe, said the investment was being supported by Enterprise Ireland.
He said Rye Valley Foods had been one of the major success stories of the Irish food industry from its start-up by Mr Pat Doyle in 1988.
It quickly established itself as a major player in the private label, frozen ready meals sector in the UK retail market, which had been its main outlet.
Since its acquisition, the company had performed well in terms of sales, profits and growth. There was increased demand from existing customers and new markets had been opened in France and Sweden.
Ms Julie Sinnamon, manager, food and timber division, Enterprise Ireland, said the prepared consumer foods sector was the fastest-growing sector in the Irish food industry.
It had performed particularly well over recent years and sales had increased from £950 million in 1994 to £1.434 billion in the last year.
Exports had increased from £398 million in 1994 to £894 million in 1998, and employment in the sector had risen to 11,500 last year from 9,100 in 1994.
Mr Jim Murphy, Golden Vale group managing director, said the expansion will position the Carrickmacross site as a world-class facility.
Meanwhile, Verbatim Ltd, a floppy disc manufacturer that set up in Limerick 20 years ago, announced yesterday that it will close down in July due to being "overtaken by the optical disc technology".
Fifteen years ago, the company employed over 750 at the Raheen Industrial Estate. Yesterday, the 17 surviving employees were given notice of closure.
Another company within the same building, MC Infonics, founded two years ago and also now owned by Mitsubishi Chemical Corporation, employ 100 people making CD roms and CD RD. The Verbatim workers have been given the option of transferring to the new firm but it is not known how many of them have accepted the offer.
