Co-op to invest €3.85m in facilities ahead of post-quota rise in output

North Cork Co-op is investing €3.85m of its own funds in new facilities to cope with an anticipated 25%-30% increase in milk output post-2015.

Having announced its record-breaking 2011 financial results yesterday, the co-op said its post-quota expansion plans will be funded by €2.5m from the sale of some of its Aryzta shares. The rest of the money comes from internal funds.

The co-op’s turnover rose to €57.2m in 2011, up around 30% from the €39m of 2010. The Kanturk-based company also recorded an historic 68% increase in operating profit to €1.1m.