Food group Glanbia has announced two new strategic investments, which it says will further expand its international market reach.
Glanbia is to invest a total of €27.1m in its joint venture consumer foods business in Nigeria and in a new nutritionals facility near Shanghai in China.
In 2003 Glanbia established a joint venture with PZ Cussons, supplying evaporated milk and milk powder to the Nigerian market. The operation has a packing facility for milk powders, much of which is sourced in Ireland and a manufacturing plant for evaporated milk.
The partners have now decided to double the capacity of the evaporated milk facility and to develop a second facility to produce a further range of beverages to meet the increasing requirements of Nigeria's fast growing consumer market. This will involve an investment of €22.5m
Glanbia also said that it is investing €4.6m in its first nutritonals facility in the Asia Pacific region. The group currently supplies dairy and non-dairy derived nutritional solutions to the Asian market, aimed at the fast growing infant formula sector.
The facility will be located in Suzhou, outside Shanghai and is expected to be completed in early 2008.
Glanbia shares closed up six cent to €3.02 in Dublin.
