Glanbia ingredients Ireland will officially open its new state-of-the-art dairy processing facility at Belview port in Co Kilkenny later today.
It is the largest single infrastructure investment in Ireland by an indigenous company for more than 80 years and it is expected to contribute an estimated €400m per year to the Irish economy.
Not since the construction of Ard na Crusha in 1929 has an Irish-owned company invested so much in a new piece of infrastructure as Glanbia has put into its massive new dairy processing facility at Belview Port on the Kilkenny-Waterford border.
They have poured 180 million euro in the project to date and have built a world class processing plant.
It has the capacity to produce up to 100,000 tonnes of nutritional dairy powders per year, making it one of the biggest facilities of its kind in Europe.
Glanbia says it is "scalable" - meaning they are prepared to extend it further if global demand for dairy products continues to grow.
All of the dairy and nutritional products that come out of the plant will be exported to consumers in the Middle East, Africa, Central America, and Asia.
The company estimates that although about 75 direct jobs will be created another 1,600 jobs indirect jobs will be created elsewhere throughout the country as a result of all the extra dairy activity that will result.
Some 4,800 dairy farmers supply Glanbia with milk, and the completion of this facility represents a huge boost as well as a major vote of confidence in the prospects for the Irish dairy sector once EU dairy quotas are abolished in four weeks time.
Taoiseach Enda Kenny, Minister for Agriculture Simon Coveney, EU Agriculture Commissioner Phil Hogan, Enterprise Minister Richard Bruton and other politicians will joint Glanbia management and more than 300 invited guests to launch the facility in Co Kilkenny at 2pm.