Fane Valley Dairies nets contracts worth over £40m
A CO Down co-operative has secured new business worth more than £40m in China, Indonesia, Algeria, Venezuela, Cuba and Europe.
Fane Valley Dairies, part of Armagh-based Fane Valley Co-operative, already exports products to over 25 countries.
Formed in 1903, Fane Valley is 100% owned by 1,800 local farmers, with over 2,100 employees at sites in Northern Ireland, Republic of Ireland, England and Belgium, and a turnover in excess of £450m. The firm has interests in dairy processing, red meat, feed compounding, agricultural supplies, breakfast cereals and renewable energy. The co-operative also includes two Northern Irish meat processors – Linden Foods, based in Dungannon, Co Tyrone, and Kettyle Irish Foods in Lisnaskea, Co Fermanagh.
Trevor Lockhart, Fane Valley chief executive, said population increases, rising incomes and an associated change in tastes in the rapidly rising middle classes in China and Asia were driving growth for the dairy industry.
"Our ability to provide assurances around the integrity of our supply chains, including product safety and traceability, are key elements which have strengthened the excellent reputation of the Mourne Maid range of powder ingredients and butterfat products," he said.
"The development of our own direct supply milk pool and a programme of ongoing investment in the quality and functionality of our products have been particularly important in underpinning these credentials with customers, which has in turn, enabled us to win more business.
"Whilst ultimately future market returns will be dictated by the extent to which the growth in supply and demand can be kept in balance overall, the future prospects for dairy ingredients both in Europe and around the world looks very encouraging."