Two of Ireland’s largest publicly quoted companies — Kerry Group and Kingspan — have made significant investments to boost their respective operations in the US and UK.
Kerry has announced its largest ever capital expenditure investment — a $125m (€110m) spend on its existing facility in Rome, in the US state of Georgia.
The investment will produce a new food manufacturing facility focusing on integrated taste and nutrition solutions, particularly for the poultry, seafood, and alternative protein markets.
It will be completed early next year and will more than double production capacity at the existing facility.
“This new facility will be one of the most advanced and modern food manufacturing facilities in the world,” Kerry’s North American boss Gerry Behan said.
Meanwhile, Cavan-based building insulation specialist Kingspan is set to grow its ventilation-focused Light + Air division by acquiring UK company Colt in a deal which is believed to be worth between €100m and €150m.
Kingspan launched its Light + Air business in 2016 and has targeted €500m in revenues from it.
That target should be achieved by the addition of Colt, which specialises in smoke control, ventilation, solar shading, and climate technology.
The deal is expected to receive necessary competition approval next month.
Analysts expect Colt to add 60% to Kingspan’s Light + Air revenues and around 2% to group profits.