Animal nutrition company Alltech yesterday announced a new $63 million investment in Brazil that is expected to generate 200 jobs.

The investment comes in the form of an algae-production plant. Construction of the facility began this week on the same premises as Alltech Sao Pedro, the largest yeast plant for animal nutrition in the world. The move is part of Alltech’s expansion in Latin America, and it said it would increase its production in the region by 58 per cent.

Alltech vice-president for corporate affairs Mark Lyons said algae were "critical for conquering new markets".