“In the past five years revenue has grown 100% and employment has increased by over 200 people,” said Michael Burke, founder and managing director, Chanelle Group said. “This growth has been driven by research and development of new products and the expansion into new markets. We invest over €8million annually in research and development and this investment will continue.”
Chanelle says it plans to launch 75 new products over the next five years in both human and veterinary products.
“Today’s investment program will double production capacity at our Loughrea manufacturing facility to ensure we can meet the global demand for both our market leading pharmaceuticals and the new products in development,” said Mr. Burke.
He also said that Chanelle Group will be expanding into new markets including the U.S., Central and South America, and expects revenues to increase by 65% over the next five years.
Construction on the expansion of production facilities will add 30,000 square feet of manufacturing plant space and will begin in March.