Nestlé Ireland makes €70m loss after writing down value of Limerick baby formula plant

The Irish division of food brands behemoth, Nestlé, made a loss of €70 million last year after a writedown in the value of its investment in its baby formula plant in Limerick, which sold 30 per cent less to China in 2021.

Nestlé Ireland, which owns Wyeth Nutritionals in Limerick, increased its turnover last year by more than 16 per cent to €116 million, while it broke even on an operating basis. But the writedown in its Wyeth investment pushed it deep into the red in its recently filed accounts. The company also scrapped its dividend in 2021, having paid a dividend the previous year of almost €67 million, having made a loss that year of almost €56 million.

The accounts say the Irish division of the group, whose brands include KitKat, Cheerios and Cat Chow pet food, will continue to be funded by its Swiss parent in a cash-pooling arrangement. The Irish operation’s immediate parent, Nestlé in the UK, has also committed to supporting the business here.

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