Ornua is targeting €1bn in annual Kerrygold exports with the launch of Kerrygold Park, its new €38m butter production and packing plant already up and running four months in Castlefarm, Mitchelstown, Co Cork.

Reduced March milk cheques have brought home to dairy farmers how bad the dairy slump is, said ICMSA’s dairy farmers spokesman, Gerald Quain.

It is the most important period of the dairying season.

Farmers can hope to see milk prices improve in early 2017, by which time Ireland will have increased dairy sales into China, Africa, and the Middle East, says Ornua chief executive Kevin Lane.

Ornua brought badly needed respite for dairy farmers this week, with their suspension of a milk levy from May 1 adding nearly €6 million to dairy farm incomes in 2016, helping farmers get through the unprecedented global milk price slump.

Ornua is to invest €250m in overseas acquisitions from now to 2020 developing markets for Ireland’s soaring post-quota milk output.

Ornua’s new butter packing facility in Mitchelstown is in the midst of a storm of protest by a Co Sligo action group trying to save more than 20 jobs at the Aurivo Co-Operative plant in Achonry.

Carbery has delivered earnings of €27.2m to its shareholders in 2014, up 1.9%, while profits dipped slightly versus 2013.

Kerrygold exporter Ornua has just finalised a five-year plan that sets a goal of €3bn for Irish dairy sales.