Devinish announce €40m innovation centre for Dowth
Belfast-based agri technology company Devenish Nutrition has announced that it will develop a develop a purpose-built Global Innovation Centre in Dowth, County Meath. The development comes as a result of a 40m investment from the European Investment Bank (EIB) and is the largest ever support for agri-business in Ireland by the EIB.
It is also the first support for the agri-business sector in the country under the Investment Plan for Europe, in which the European Commission and EIB are strategic partners.
The Dowth facility will develop and showcase its 'One Health – from Soil to Society' research, development and innovation programme. It will also fund innovation related capital projects and research into optimised animal nutrition, food innovation, health and sustainability.
The investment is part of an €118 million development plan by Devenish to enable its research, development and growth plans.
Devenish has ambitious long-term growth plans; by 2021 it aims to increase turnover by over €100m to circa €350m and add over 100 new jobs to its current 450-strong international employee base.
Richard Kennedy, Group CEO of Devenish said: "This major financial boost marks a most significant milestone for Devenish as we seek to realise our vision of becoming the world's leading provider of integrated animal, human and environmental health solutions.
"This funding will be invested in the business to build and grow our research & development and manufacturing capabilities as well as facilitate our mergers and acquisitions activity".
European Commissioner Phil Hogan, responsible for Agriculture welcomed the anouncement by saying that the "announcement by the EIB under the Investment Plan for Europe is very welcome, coming at a time of some uncertainty for the Irish agri-business sector. It is a strong statement of confidence in the resilience of the sector and its capacity to grow and reach its full potential."
The Dowth faciltiy is currently in planning and it is not yet known details when construction will commence or how many jobs it will create.