Irish Food Processors buys 50% stake in C&D

Larry Goodman's Irish Food Processors has bought a 50% stake in the pet-food company C&D Foods, which was founded by former Taoiseach Albert Reynolds' family.

The deal will see C&D invest €30m in a new pet-food facility at its operation in Edgeworthstown, Co Longford.

In 2006, part of the factory was destroyed by a fire, leading to the loss of almost 300 jobs.

It is unclear whether any new jobs will be created as a result of the new deal.