5th December 2017
- Planned 60,000sq ft. expansion to create 110 new jobs in Longford
- Panelto Foods serves instore bakeries in major retail chains in Ireland and in the UK
- Investment in product development and production capacity to serve export-led growth
- Funding provided by Ireland Strategic Investment Fund (ISIF)
- Continued support from Enterprise Ireland
Panelto Foods produces a range of high quality artisan par baked sandwich breads and speciality rolls for the Irish and UK Retail and Food Service markets. Today, (Wednesday, 6December 2017) Panelto Foods confirmed that work on a 110 jobs expansion to its existing 150 jobs facility in the town is to get underway next week. The expansion will also create 100 construction jobs in the region for the coming year.
Supported by the Department of Business, Enterprise and Innovation through Enterprise Ireland, the planned Panelto Foods expansion has been part financed by a long-term €14m debt facility through the Ireland Strategic Investment Fund (ISIF).
Located in the Longford Business & Technology Park, on the outskirts of Longford town, Panelto Foods began operating in 2004. The planned expansion is expected to come on stream in 2018 and will be used to service extra demand from customers and changing consumer needs in Ireland and international markets. Recruitment to support the staffing needs of the new facility will get underway in early 2018. Planning permission was granted in August for the Panelto Foods expansion to double its current factory size.
Welcoming the Panelto Foods expansion, Minister for Business, Enterprise and Innovation, Heather Humphreys TD said “The expansion of Panelto Foods facility and the creation of 110 jobs in Longford, in addition to 100 construction jobs, is a hugely positive development for Longford and the surrounding areas. The company’s growth is export-led, and this investment in product development and production capacity will further fuel export growth into the future.”
Julie Sinnamon, Enterprise Ireland CEO added: “Enterprise Ireland is a long-standing partner of Panelto Foods, supporting the company to innovate, scale internationally and create jobs in Ireland. The company’s commitment to its growth and expansion represents the vigour and ambition of Irish companies to perform and compete internationally. We are delighted to see this ambition translate into the creation of 110 additional new jobs in the town in the coming year bringing direct employment in the Panelto Foods facility to 260 people.”
Cathal Fitzgerald, the Ireland Strategic Investment Fund’s Head of Food & Agricultural Investments, said: “ISIF’s funding to Panelto Foods is another strong example of the Fund’s ability to deliver significant economic impact and employment in Ireland alongside a commercial return. Our investment will support valuable additional employment in the Midlands and strengthen a fast-growing and successful export business which has differentiated itself through market leading innovation.”
According to a Panelto Foods spokesperson, “This new investment will allow Panelto Foods to meet the changing consumer needs in the market through increased production capacity, capability and innovation. The company is appreciative of the positive local support for the expansion from employees, neighbours, the business community and Longford County Council”
For ref: Pat Keating, Keating & Associates: Tel.: 087-2541757
Notes to Editors
About Panelto Foods
Panelto Foods was established in 2004 and is a prepared consumer foods company producing part baked breads for instore bakeries in the leading Retail Multiples and Foodservices companies in Ireland and the UK. For more information, please visit paneltofoods.ie
About ISIF
The Ireland Strategic Investment Fund, (ISIF) managed and controlled by the National Treasury Management Agency (NTMA) is an €8.5 billion sovereign development fund with a unique mandate. It has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The fund’s predecessor was the National Pensions Reserve Fund (NPRF).
With €8.5 billion available to deploy, ISIF differs from other pools of capital in significant respects. It has a long investment time horizon and therefore can act as a permanent or patient source of long-term capital. ISIF funding provides flexibility up and down the capital structure to meet changing capital needs and gaps in the marketplace. For more information, please visit isif.ie
About Enterprise Ireland
Enterprise Ireland is an Irish government agency and the third largest seed investor in Europe. Enabling Irish businesses to achieve global ambition, Enterprise Ireland invested €32m in 229 start-up companies in 2016 – the highest level on record in Europe. Enterprise Ireland helps companies start, innovate and scale internationally, through tailored professional advice, funding, skills development, sector expertise and access to connected networks. For more information, please visit enterprise-ireland.com
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