Food group Glanbia is in advanced discussions on a new $140 million project with its US joint venture partner South West Cheese.

The project, which will take two years to complete, will boost production at its cheese and whey production plant in New Mexico by 25 per cent.

Whey is the chief component in Glanbia’s fast-growing sports nutrition business.

The Kilkenny-headquartered company is now ranked as the biggest global player in the market.

In a trading update, the group said revenue was up 9 per cent over the first nine months of the year.

This was driven by a strong performance in sports nutrition division, the company said.

Managing director Siobhan Talbot said the outlook for the remainder of 2015 was positive.

She also reiterated the company’s full-year guidance of adjusted earnings per share growth of 9- 11 per cent on a constant currency basis - if exchange rates remain at current levels for the rest of the year.