North-west based co-operative and agri business Aurivo has announced a €48 million investment plan for the business for the next five years.

The plan is a key component of its Engage 2022 strategic growth plan, according to the company.

Engage 2022

The expansion programme incorporates a range of projects across its dairy ingredients, consumer foods and agri businesses and will grow employment across the co-operative between now and the end of 2022.

The investment has been supported by the Department of Business, Enterprise and Innovation through Enterprise Ireland.

Key to delivering Aurivo’s expansion programme is an extensive upgrade of its dairy ingredients facility in Ballaghaderreen – which is currently underway.

Investment thus far has supported the Sligo-headquartered processor to increase milk supply by 8% in 2017.

A €26 million investment in the installation of a new dryer for the site will commence next month and is critical to the business achieving its ambitious growth plans.

Once completed, capacity at Aurivo’s Dairy Ingredients facility will increase by 50% and will produce over 50,000t of milk powders and 15,000t of butter annually on the site.

The investment programme underway focuses on all areas of Aurivo’s business and includes new Homeland retail store openings in the north west and safety and efficiency related matters across its Livestock Marts business.

It also incorporates an expansion to the co-op feed manufacturing site in Ballaghaderreen, Co. Roscommon.

Aurivo’s Agribusiness, which manufactures the NUTRIAS brand of animal feed, is also expected to generate demand for additional skilled workers in manufacturing and ancillary services.

‘Well positioned’

Commenting, Pat Duffy, chairman of Aurivo, said: “All our investment decisions and developments at the co-operative are designed to ensure that Aurivo is well positioned to take advantage of all future market opportunities for our milk producers.”

Aaron Forde, CEO of Aurivo, said: “Our strategic focus and the supporting investment programme aims to ensure that Aurivo will continue to grow the business over the coming five years – and in doing so we will effectively leverage international market growth potential for the business.

One of our key strategic targets is to grow by 25% from a 400 million-litre milk business to a 500-million one by 2022.

“That is well within our grasp and our organic growth plans for the business.

“Aurivo operates from a strong financial platform. So, aligned to our organic growth plans which this investment programme focuses on, we will continue to look at suitable acquisitions and business partnerships that have the potential to deliver value to the business on behalf of its members.”