The firm’s new Nutritional Ingredients infant formula plant in Kilkenny, Ireland, will be the latest product of the firm’s investment when it is completed later this month.
Glanbia processes more than 30% of Ireland’s national milk pool, the company claimed and its new formula plant will generate more than 400M a year and will create 1,600 direct and indirect jobs once fully operational.
“Ireland will be the main beneficiary of the removal of milk quotas from 2015,” said Kevin Bellamy, senior global dairy analyst at Rabobank.
“Removal of milk quotas in 2015 will allow the Irish dairy sector to establish itself as the low-cost source of production for the northern hemisphere,” he added.
When the quotas are lifted, global dairy demand will rise by 2.4% annually, said a Glanbia spokeswoman. This gave Ireland a unique opportunity to bring in an additional 1bn into the Irish economy, which it would do by boosting its milk output by 50% from April onwards.