PepsiCo buys plant next door for €3m

THE former Swissco plant in Cork’s Little Island has been bought in a quiet deal by next-door neighbour, PepsiCo, for about €3 million.

The purchase of the former ready-made meals factory, which went into liquidation two years ago with the loss of 154 jobs, is a strategic site acquisition for PepsiCo, which employs 600 in its three Cork locations, two in Little Island by the Swissco site, and one in Carrigaline, which opened in 2003 after a $100m investment.

Confirming the purchase of a 4.5 acre site to the east of its existing Little Island facility a PepsiCo Ireland spokesperson said “while there are no definite plans at this stage, the purchase of the adjacent land provides options for PepsiCo Ireland for future development”.

The food giant PepsiCo is the third-largest food and beverage company in the world, employing 285,000 in 215 countries.

Here, its three Cork plants’ business activities manufacture of concentrate (exported to 105 countries worldwide), laboratories, financial services (supporting 65 countries), IT support to global operations, R&D, Global Market Intelligence and Concentrate Functions. A satellite R&D centre was established at Little Island in 2006, while the following year PepsiCo’s Worldwide Concentrate headquarters were transferred from New York to Cork.

PepsiCo Ireland set up its concentrate manufacturing facility in Little Island in 1974.

Agents Lisney had the Swissco plant quietly up for sale last year, seeking €4.2 million. On 4.5 acres, it is likely to have sold for about €3m.