The Larry Goodman owned ABP Food Group has announced the completion of a €50m redevelopment of its facilities in Cahir, Co. Tipperary.

The upgraded facilities are expected to be worth in the region of €1 billion to the local economy over the next five years with the creation of 152 jobs.

The investment includes an extension and upgrade of the company’s current food processing facilities as well as the introduction of a new state of the art gel bone production plant.

The project which has been supported by the Department of Jobs through Enterprise Ireland will benefit Tipperary and surrounding counties.

The investment means that ABP Cahir is now one of the biggest employers in the region employing 615 people directly and supporting a further 1334 jobs in the wider economy.

ABP first opened in Cahir in 1973 and the company has invested €100m in the South Tipperary town.

The redevelopment was officially launched by An Taoiseach Enda Kenny TD and Minister for Jobs, Enterprise and Innovation, Richard Bruton.

An Taoiseach Enda Kenny welcomed the announcement of the investment,

“Today’s announcement of 152 jobs by ABP as part of their new investment in Cahir is another sign of the progress, momentum and confidence in the Agri-food industry.”

Paul Finnerty, CEO ABP Food Group said that the investment and completion of the world class facilities will allow ABP to produce beef to the highest standards for the European market.

“This is a world class facility serving Irish Beef Europe wide. Our investment, the largest ever by an Irish beef business, helps underpin over 600 jobs and contributes to helping deliver on the vision of Food Wise 2025.”

Finnerty added that the continued expansion of the ABP plant is essential to ensure future innovation, he said.

“The new gel bone production plant which is the first of its kind in Ireland and the UK will provide added value opportunities for bovine bones in the pharmaceutical and beauty industries.”

Minister for Jobs, Enterprise and Innovation, Richard Bruton also highlighted the importance of this redevelopment for the local area.

“The food sector is a key part of those plans, and today’s announcement that ABP continues to grow employment in Cahir is a great boost for Tipperary.

The South East is growing jobs at the fastest rate of any region in the country, and with investments like this we can have confidence that this growth can continue in the coming years.”