Larry Goodman's beef processing firm Irish Food Processors (IFP) has acquired a 50 per cent shareholding in C&D Foods for an undisclosed fee.
In a statement released this morning C&D Foods, which was established by the Reynolds family, said it would invest €30 million in a new petfood facility at Longford which will be built on the site of the former canning factory which was destroyed by fire two years ago.
"Following the uncertainty arising from the 2006 fire this is great news for C&D Foods, our employees and for the town of Longford," said Philip Reynolds, Managing Director, C&D Foods.
"In Irish Food Processors, we have a partner who understands our business and with whom we share numerous customers in the retail sector."
Mr Goodman said he was pleased join with C&D Foods as "it is one of Europe's leading operators in the petfood sector".
Mr Goodman's company is one of the largest beef processors in Ireland and the UK and employs
3,500 people in 28 factories and has an annual turnover of over €1.2 billion.