By Ruth Wildgust - Sunday Business Post

Cavan company Foamalite has announced plans to invest €11 million in the redevelopment of its production facility at Lough Gowna.

The project will create 26 new jobs over the next three years, including five high-value research and development (R&D) roles. It will include a 3,200 square metre factory and an R&D centre.

Foamalite managing director Christine Reilly said the company’s focus over the next few years would be on product development and overseas expansion.

‘‘We felt the time was right for pursuing this strategy,” she said. ‘‘To enable us to achieve our goals, we needed to invest heavily in a new plant and machinery, research and development and people.”

Foamalite manufactures foam PVC sheets for use in signage, display and construction.

Established in 1997 by Reilly and her husband John, it sells 95 per cent of its output in overseas markets via a network of distributors in Britain, France, Germany, Spain and several other counties, who sell Foamalite’s branded foam PVC sheets to the screen-printing industry.

The company employs 57 people. Minister for Enterprise, Trade and Employment Micheal Martin said it had succeeded in establishing a steady export market for its high-value products.

‘‘Not only will this significant €11 million investment bring high-quality employment to the Cavan region, it will also generate spin-off economic benefits for the local economy,” said Martin.

Reilly said the company’s decision to sell to the print and sign industry overseas followed 18 months of in-depth preparation.

‘‘In 1997 we entered the Irish and British market successfully with a limited product range,” she said. ‘‘After further investment in R&D in 1999 and 2000, we added more products and entered the French market. Subsequently, we sold into the rest of Europe.

“We have grown the turnover year on year and now sell into 21 countries.”