Meat processing company Kepak yesterday announced a major €10 million expansion at its plant in Watergrasshill, Co Cork, which is expected to create up to 155 jobs over a three-year period.

The investment will focus on the production and marketing of a range of heat-and-serve meals. Supported by Enterprise Ireland, the investment will generate annual exports to the value of €55 million.

Announcing the expansion in Cork, Minister for Enterprise Trade and Employment Micheál Martin said that Irish food companies were gaining significant market share in the UK in prepared consumer food products, the fastest expanding element of the food sector.

"This high quality 'heat and serve' project is an ambitious addition to their product range and the culmination of three years of product research which was supported by Enterprise Ireland," he said.

"This important development demonstrates the potential impact of research and development in generating knock-on exports and employment. The creation of 155 jobs in the food industry in Cork is particularly welcome."

Welcoming the announcement, Mike Feeney, Enterprise Ireland executive director, said the prepared-food sector was currently experiencing double-digit growth and forecasts for future growth remained very positive.

Kepak Cork is a wholly owned subsidiary of the Kepak Group. Kepak was founded in 1981 as a conventional red-meat processor, supplying supermarkets and food service customers from a plant at Clonee, Co Meath.

Over the past two decades, it has grown into one of the State's leading added-value meat processors. The Irish plants employ 1,200.

Last month Kepak won the major prize for innovation in The Food Island Food and Drink Industry Awards at a charity benefit gala dinner in the Mansion House, Dublin.

Kepak Cork trades as Global Cuisine Ready Roast.