The Irish Dairy Board, the co-operative behind cheese and butter brand Kerrygold, has secured a fresh loan of EUR100m (US$131.7m) to fund its expansion.

The company refinanced its existing EUR250m banking facility and replaced it with a three-year loan package worth EUR350m.

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IDB said the move was needed to “meet domestic expansion and international growth requirements”.

In September, IDB announced plans to increase its presence in Algeria, the second-largest market for its cheese products.

A month later, the co-operative replaced a food ingredients facility in the UK with a new EUR12.7m plant.

IDB is due to announce its 2011 financial results this spring. Last April, it reported a drop in operating profit for 2010 due to lower margins in the US and commodity costs hitting its consumer foods business.

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