Lakeland Dairies of Cavan are to create 85 jobs in Cavan over the next 2 years following a €40m investment into the milk powder plant. The company is supplied by 2,400 dairy farmers across the south and north of Ireland. Lakeland Dairies said it was very aware of the impact Brexit can have on their cross-border business and have been planning for all types of Brexit scenarios.
The IFA has said jobs are going to be lost due to the impact of the weak sterling. Beef farmers are losing up to €2m a week as the drop-in sterling equates to 15c/kg loss for beef exports. IBEC have said that 88p to each €1 is the ‘tipping point’ for our food and drinks exports to the UK.
Moy Park has been sold to a US subsidiary which gives the firm a value of £1bn (enterprise value) or an equity value of £790m.
Europe: Dual Food Quality is to be discussed at a consumer summit in Bratislava in October with the EU expected to use their existing consumer protection rules to ensure that customers in eastern European countries are not being misled about certain products. This comes on the back of some eastern European countries stating that they have been sold an inferior product from brands using the same packaging as that used in more western countries. For example, washing powder and chocolate spread. Ingredients used in some of these products do not have the same ratios as those sold in western Europe.
A great harvest for Maize is on the cards following great summer conditions for growing. The first crops were due to be cut towards the end of September. Fresh weight yields are due around 22t/ac. 11,000 hectares of maize was planted this year.