EUR 35 million EIB backing for Carbery Group innovation and internationalisation

EUR 35 million EIB backing for Carbery Group innovation and internationalisation

• EIB to support €78 million Carbery Group investment to drive global expansion.
• New mozzarella production facility supports 1,200 Irish farmers
• First ever EIB loan for an Irish Agri Foods Group announced during visit to West Cork HQ

The European Investment Bank has agreed to provide a EUR 35 million loan to enable expansion and diversification of the Ireland based facilities of Carbery Group, a leading international dairy, ingredients and flavours business. Carbery is 100% owned by four Irish dairy cooperatives. The first ever EIB financing for Carbery Group will support construction of a new EUR 78 million manufacturing plant at Ballineen, that will enable the company to diversify its range of cheeses and produce mozzarella for export to a range of international markets.

The 12 year EIB loan to Carbery Group was formally agreed during a visit to the company’s West Cork headquarters by Andrew McDowell, Vice President of the European Investment Bank responsible for agriculture and lending operations in Ireland.

“Ireland is home to world class agriculture and food. The European Investment Bank is pleased to support new strategic investment by Carbery that demonstrates clear vision and resolve to continued international growth whilst addressing uncertainties related to Brexit. It has been a privilege to visit Ballineen to formally sign the new EUR 35 million EIB loan and see at first-hand how this financing will transform Carbery’s headquarters. Once complete, the new facility will significantly expand cheese production using milk from farms across West Cork. This long-term loan represents the first direct EIB support for investment in the Irish cooperative sector in 45 years and the first Irish investment under the EIB’s dedicated streamlined agriculture financing programme. Together with Carbery’s Irish banking partners the EIB is committed to supporting transformational investment in Irish agriculture and food that strengthens rural communities.” said Andrew McDowell, European Investment Bank Vice President.

“Our latest investment is key for harnessing new international export opportunities and diversifying our product range. The EUR 35 million EIB backing, together with continued funding support from our other banking partners AIB, BOI, and Rabobank, will accelerate growth for Carbery and secure new markets for Irish dairy farmers. That Carbery has secured the first ever European Investment Bank financing for an Irish Agri Foods business is a vote of confidence in Carbery and Irish agriculture.” said Jason Hawkins, Chief Executive Officer, Carbery Group.

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