‘WE’LL SPEND €35M ON NEW KILLYBEGS PLANT’ – KFO

first_imgThe Killybegs Fishermen’s Organisation (KFO) and its Norwegian partner Biomarine Science Technology (BST) will invest €35M to develop the world’s largest bio-marine ingredients facility in Killybegs, the organisations said.Donegal Daily revealed last night that the project will result in the creation of up to 50 jobs during the construction phase and a further 70 direct and indirect jobs when it intends to go into full production in 2016.The highly innovative new facility will be used to extract high-end proteins, oils and calcium from fish for use as food ingredients. These include valuable marine proteins as well as lipids, which are naturally occurring molecules and fat-soluble vitamins. The proposed plant also has the potential to produce supplements for athletes thereby deriving optimal advantage of the health benefits of fish.“This proposed new facility can become a game-changer in the seafood sector positioning Killybegs and Ireland as a global leader in supply and research around new products and benefits from protein, oils and calcium associated with the sea”, said Sean O’Donoghue, Chief Executive of the KFO.“With increasing food ingredient prices and a shortage of quality protein in the market, there is a significant opening in the market for the output which this new venture can deliver. The increased focus on health and rising demand for foodstuffs high in healthy content has led to rapid growth in the health and sports nutrition market. We have already met with leading food producers in Europe and the USA who are extremely supportive of the venture and enthusiastic about entering into supply contracts with it.”A new joint venture company, Bio-marine Ingredients Ireland Ltd (BII), has been formed to promote the proposed new facility which represents a new departure for the marine sector in Donegal. “The Killybegs Fishermen’s Organisation is committed to developing and advancing any sea fisheries issues of relevance to its members”, continued Mr O’Donoghue.“Diversification and the establishment of new high-value activities such as this, is a key part of our remit. By forging an alliance with BST we are partnering with a firm with many years of experience in pharmaceutical, marine biotech and international commodity business. BST has a long experience in this area and has the technical expertise to enable production of valuable fractions from marine species – including clean fish oil.”A site has been identified for the proposed new facility subject to planning permission and state aid. The plant will have the capacity to process up to 50,000 tonnes or raw material annually. While boarfish will be the primary source of raw material, the facility will also be able to utilise other species such as blue whiting. Boarfish is only used for fishmeal purposes at present and the proposed new facility will therefore help transform a low value element of the current catch into a significant revenue earner for the industry.The project supports the objectives set out under the Government’s Food Harvest 2020 report and the BIM 2013-2017 strategy for the industry which places a specific focus on developing product options from species such as blue whiting and boarfish as well as making a commitment to supporting the establishment of new firms in the sector.Food Harvest 2020 places a specific emphasis on the development of innovative, consumer oriented seafood products as well as on marine biotechnology development and marine functional foods. “We are delighted to be able to support these national objectives and we are also grateful for the tremendous support we have received from both Enterprise Ireland and BIM in bringing this exciting project to this stage”, Mr O’Donoghue concluded.“We are now looking forward to moving ahead with construction subject to planning permission as well as state aid, thereby bringing badly needed jobs to Killybegs and the North West.‘WE’LL SPEND €35M ON NEW KILLYBEGS PLANT’ – KFO was last modified: April 2nd, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more