Greencore’s former sugar plants valued at €187m

PROPERTIES being relinquished from sugar production by the Greencore have a total market value of €187 million, according to a study commissioned by the Irish Farmers Association.

The figures relating to the former sugar processing plants in Carlow and Mallow and smaller sites at Wellingtonbridge, Co Wexford, and Ballycarrane, Thurles, Co Tipperary, were compiled by Finnegan Menton, estate agents, auctioneers, valuers and estate agents.

Under the European Union restructuring scheme, a fund of up to €145 million is available to provide compensation for the economic, social and environmental costs arising from a factory closure.

The agreement provides that 10% of the restructuring fund shall be reserved for sugar beet growers and machinery contractors, to compensate notably for losses arising from investment in specialised machinery.

Greencore maintains it is entitled to €131m of the restructuring fund, but this is being strongly contested by the IFA, who insist that the compensation must go to the beet growers.

Finnegan Menton’s valuations were released by the IFA yesterday as Carlow County Council prepares to begin a process of deciding if the former Sugar Factory site in Carlow, which totals 352 acres on the verge of the town, will be re-zoned.

The site has been valued at €150m if it is re-zoned for housing, retail, office, and recreational purposes, and at €120m based on its current zoning.

Finnegan Menton has put a current valuation of €30m on the 300-acre Mallow site, €5.5m on the 18.4 acre Thurles property, which comprises the remaining land of that town’s former processing factory, and €1.5m on the three acre Wellingtonbridge site.

IFA Sugar Beet chairman Peadar Jordan said the valuation of these properties show that Greencore is at no loss for the shutdown of the sugar beet industry.

It would be a political scandal and a grave injustice to 3,700 Irish sugar beet growers if the company was paid EU compensation for exiting the industry.

“EU compensation must go to beet growers whose livelihoods have been destroyed by the sugar reform,” he said.

The IFA added that it is expecting a decision from Agriculture and Food Minister Mary Coughlan on the fund by July 13.