China demand for milk formula boosts Wyeth Nutritional profits
A strong demand from China for infant nutritional formula contributed to pre-tax profits at a Limerick-based firm more than doubling to $336m (€285m) last year.
New accounts filed by Wyeth Nutritional Ltd based outside the village of Askeaton in west Limerick show that the company enjoyed the jump in profits after revenues increased by 11pc going from $584m to $650m in the 12 months to the end of December last.
The directors state that revenues have been driven by increased demand from the Greater China region.
They state that they are satisfied with the firm's performance indicators for the year. The company paid a dividend of €152m for last year.
Numbers employed at the plant last year increased from 617 to 652 in 2016.
The plant produces formula products from 50 million gallons of Irish cows' milk each year.
The demand for the company's products in China is sky-high and last year Ireland became the second-largest supplier to the premium high-value infant formula market in China, where it secured a market share of 14.6pc.
The Nestle-owned Wyeth Nutritionals is one of the four main formula companies based here.