€35 Million EIB Backing For Carbery Group

 Breaking News
  • AB InBev Withdraws 2020 Outlook Given the uncertainty, volatility and fast-moving developments of the COVID-19 pandemic in the markets in which AB InBev operates, the global brewer has withdrawn its 2020 Outlook, which was  announced...
  • Teknomek hits peak design with new Dyson Airblade wash troughs Hygienic furniture specialist Teknomek has introduced new Dyson Airblade wash trough models that have been developed to reduce listeria risk in food processing facilities. Variants of the product are available...
  • Greencore Names New CFO The Board of Greencore Group, a leading manufacturer of convenience food in the UK, has announced the appointment of Emma Hynes (pictured) as Executive Director and Chief Financial Officer with...
  • Müller UK & Ireland Launches Major Recruitment Drive to Help Feed the Nation The UK’s favourite dairy brand[1] has launched a significant recruitment push for up to 300 additional key workers to help feed the nation. This follows strong consumer demand for dairy products...
  • Unilever Takes Measures to Help Fight Against Covid-19 Unilever has announced a wide-ranging set of measures to support global and national efforts to tackle the coronavirus (Covid-19) pandemic. The company’s actions are designed to help protect the lives...

€35 Million EIB Backing For Carbery Group

€35 Million EIB Backing For Carbery Group
December 03
16:50 2019

The European Investment Bank has agreed to provide a €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 co-operatives.

The first ever EIB financing for Carbery Group will support construction of a new €78 million manufacturing plant at Ballineen in County Cork 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 recent 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 €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 (pictured left), European Investment Bank Vice President.

“Our latest investment is key for harnessing new international export opportunities and diversifying our product range. The €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 (pictured right), Chief Executive Officer, Carbery Group.

The €35 million loan to Carbery Group is the first Irish investment financed under a €400 million European Investment Bank streamlined agriculture and bioeconomy financing programme launched last year. The agriculture and bioeconomy financing programme is guaranteed by the European Fund for Strategic Investments.

In recent years the EIB has supported new financing to expand availability of working capital and machinery leasing for Irish farmers, increased new forestry investment and backed agricultural research and innovation by leading Irish companies.

About Author



Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events


find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here


Social media & sharing icons powered by UltimatelySocial
Follow by Email