Largest-ever European Investment Bank support for Irish agri-business

Largest-ever European Investment Bank support for Irish agri-business
Richard Kennedy, Group CEO at Devenish, Andrew McDowell, Vice President of the European Investment Bank and Owen Brennan, Chairman of Devenish

The European Commission has announced what it describes as the European Investment Bank's largest-ever support for agri-business in Ireland.

Belfast-based agri-technology company Devenish Nutrition has secured €118m in long-term funding to enable its research, development and growth plans.

The EIB loan of €40m will enable the company to develop a purpose-built Global Innovation Centre in Dowth, County Meath.

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.

“We take great pride that EIB have the confidence to support not just the future of Devenish, but the future of the Irish agri-food sector overall.”

The investment is backed by other finance partners Ulster Bank and Danske Bank.

Digital Desk

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