Arlene Foster said: “This investment, which will mean a £10.5-million increase in wages and salaries annually for the local economy, is a huge boost of confidence in Northern Ireland as a European food production and manufacturing centre of excellence by a world leading company.

“The expansion will further enhance Moy Park’s contribution to the local economy by enabling the business to achieve a substantial growth in sales, mostly to customers outside Northern Ireland, by 2018.”

The investment by Moy Park, part of the Marfrig Group, will include additional processing lines and the establishment of an Innovation Centre, which will drive new product development, as well as Financial Services - a new role for the Craigavon site. The new jobs, 100 of which are already in place, include roles in management, supervisory, processing and financial shared services.

The Minister added: “We have been able to demonstrate to international investors like Marfrig that we will work with them to ensure Northern Ireland is the right European location to successful grow their business.

“Today’s announcement is a sign of Marfrig’s ongoing commitment to Northern Ireland. The new jobs are being created over a four year period across Moy Park’s three sites in Ballymena, Craigavon and Dungannon, with a variety of roles available including 70 high value posts based in the new Innovation Centre.”

Invest Northern Ireland is providing financial assistance of £9.5 million towards the expansion.

Marfrig Global Foods CEO, Sergio Rial said: “We are committed to growing our operations in Northern Ireland and this investment, with support from Invest Northern Ireland, helps us to achieve that. We have had ongoing, positive engagement with the Northern Ireland Executive and have experienced a very pro-business attitude.”

Speaking on what this investment will mean for Moy Park, Janet McCollum Moy Park CEO said: “Moy Park started as a small farming company in 1943 and has grown into a top UK business with a £1.5-billion turnover. We continue to have big ambitions and this investment will allow us to further grow our operations and create new jobs in Northern Ireland.”