The company has included a new innovation centre in an upgrade of the plant to build on SmartPly’s reputation for creating innovative and sustainable products primarily for the UK, Irish and European markets, a spokesman said.

The development is a key component toward capitalising on natural resources using forest thinnings to manufacture building products for export and domestic use.

"I am looking forward to seeing the expansion of the plant, which will enhance and secure the facility as one of the region’s most important industries," said Mr Coveney.