Coffey welcomes sanction of around €60 million in funds for Smartply

Fine Gael Waterford Deputy, Paudie Coffey, has welcomed news that a major investment fund has been sanctioned for Coillte, of which SmartPly is a subsidiary, to raise funds of almost €60 million. Deputy Coffey said this approval will secure the 160 and 140 indirect jobs at SmartPly and allow it to invest in its infrastructure and expand into the future.

“SmartPly is a wholly owned subsidiary of Coillte and it currently employs just fewer than 200 people between its bases at Waterford Port, Belview; Kent, England and Hoest, Holland. There are currently 160 employees at its plant in Waterford Port, Belview. This business is extremely important for the South East Region from an employment and export perspective. It is my understanding that the agreement is awaiting full approval by Government and that that the total money involved is in the region of €60 million. Furthermore, this approval for funding will be subject to Coillte completing a number of restructuring conditions to ensure that taxpayers’ money is best spent.

“This is an issue that I have been raising with Minister Simon Coveney for the last year since I visited SmartPly and met management and staff, At that time I saw, first hand, the need for this investment. I am confident that this decision will secure the jobs at SmartPly and allow for the company to expand and increase its level of exports. The company manufactures innovative wood products that have demand both domestically and internationally and the raising of monies will allow for investment in infrastructural improvements at the site, such as plant extension, the replacing of older equipment and the purchase of state-of-the-art machinery.

“This is positive news for Waterford Port and the South East Region and will allow for increased capacity at the plant in the medium to long term. Coillte now must move ahead and implement the conditions set down by Minister Coveney at the earliest possible opportunity to be able to raise this funding so that SmartPly can fulfil its true potential.”