Devenish hatches international growth plans
Northern Ireland headquartered nutritional technology company Devenish has announced plans to raise capital in order to grow internationally.
The firm is said to be actively exploring partnership opportunities within the international food and feed industries.
Devenish already has sites across Ireland, the UK, USA, Turkey and Uganda, employing over 750 people globally and trading in over 40 countries, but wants to grow even further.
Chief executive Richard Kennedy said: “The past number of years have seen rapid growth for Devenish internationally, and we now have a presence in over 40 countries.
In the US, we will have grown from two manufacturing sites when we first started there, to six, by the end of this year.
“We are also growing in emerging markets, expanding our operations in Mexico and setting up new business in the Latin American region and elsewhere.
“We have ambitious plans to further build on our global footprint, and we intend to secure further investment as part of that strategy. We have appointed Goodbody as our financial advisers to explore a number of options with potential financial investors and industry partners.”
Kennedy said pandemic had highlighted for policymakers the importance of health and nutrition, including having a better understanding of where food comes from.
“Over the coming decades there are huge opportunities for companies that are delivering solutions in terms of sustainable food production, and responding to the demand for authentic and transparent supply chains,” he said.
“These are areas Devenish has had built into our core from day one. Our solutions allow our customers, and the feed and food industry as a whole, to become more sustainable.
“Investment in research and development is key to our business model, and we are at the forefront of cutting-edge research into carbon neutral beef farming, with our ongoing work at our research farm in Dowth, Co. Meath.”