IDB foreign expansion
THE Irish Dairy Board (IDB) plans to expand the dairy sector into new markets including Russia, China and South East Asia.
The company behind Kerrygold butter and Dubliner cheese raised €350m in loans from international banks to expand into emerging markets.
The new deal will allow suppliers to access parts of the loan to help drive their individual efforts to boost exports.
IDB is owned by a group of 10 dairy co-ops including Dairygold and Glanbia.
IDB's loan was raised from a syndicate of six banks and is due to be repaid in December 2014.