The investment has been supported by Enterprise Ireland, and the money will be placed into the area over a three year period.
Commenting on the move Minister Walsh said: "Tesco is regarded as one of the leader in the centrally prepared meat market in Europe. It is very important that a plant with the capabilities to deliver the price, quality and service required by a market leader be located in Ireland."
Mike Feeney, the executive director of Enterprise Ireland, agreed with the Minister's comment. He said:"We are delighted to have played a part in securing this project for Ireland and Drogheda. Approximately 60 of the jobs announced today are linked to export sales to Northern Ireland and the UK."
"Hilton Food Group's proven processing systems will be used in this new plant in Drogheda and will contribute to our ability to deliver on our targets with Tesco. The availability of a strong workforce was an important factor in the decision to locate in Drogheda and we look forward to working with the local community in the development of this substantial project," said Robert Watson, CEO of Hilton Foods.
Enterprise Ireland is a body that works on behalf of the Irish government to encourage the development of Irish industries.