Smurfit and Forbairt, has acquired a 15 per cent stake in the Co Roscommon-based harvesting equipment manufacturing company, Teva Limited. The company, which employs 17 people at Castlerea, will receive a total financial package of over £400,000 from the Fund to modernise its production facilities and double its capacity. Teva's managing director, Mr John Joe Healy, said yesterday that it expects to double its workforce to around 35 people within the next two years as part of its planned expansion.

Smurfit Venture Investment has invested £1 million in three Irish companies this year.