The biggest frozen ready meals plant in Europe has been opened at Rye Valley Foods in Carrickmacross, Co Monaghan, by the Taoiseach, Mr Ahern.

The plant, with 600 employees, plans to expand this figure to 700 within two years.

The investment in Rye Valley is part of a €95 million (£75 million) expansion programme by parent company Golden Vale.

"The frozen prepared meals market is growing at a rate of 10 per cent per annum, reflecting the dramatic lifestyle changes that are taking place and further substantial growth potential exists in this and related markets," said Golden Vale managing director Mr Jim Murphy.

Rye Valley manufactures own-label frozen prepared meals mainly for the British market where it trades with most of the major multiples.

It is also now trading with the five leading multiples in France.

The company was acquired by Golden Vale in 1998 for €24.6 million.