Dairygold to invest EUR130m in milk processing site
Ireland's largest dairy co-operative Dairygold plans to invest €130m at its 22 acre milk processing site at Mallow, Ireland.
The investment includes installation of a 15 ton per hour milk drier at the site as well as capacity expansion. The capacity expansion will enable Dairygold to process an extra 23 million litres of milk per week, in addition to the current peak of 30m litres per week.
Considering 60% of the capacity is utilized over a full-year, Dairygold will be able to process an extra 700 million liters a year, reported Independent.ie.
Although the project is subject to the Dairygold board, funding arrangements have been already outlined. The cooperative may choose a revolving fund, financed by farmers, to fund up to 30% of the cost of the facility.
Dairygold CEO Jim Woulfe said that the co-op was also exploring the possibility of tax relief on the interest earned for farmers with government officials.
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