Glanbia Cooperative announces member support for 2016

Published 8 February 16

Glanbia Cooperative Society has announced details of how it will support the milk price in 2016. The overall support package will be worth at least €35.6 million and is in addition to a €30 million support paid to members of the Society for 2015.

The latest package comes in three parts. Firstly, they will include a milk price support of €21 million which equates to an average of 1 cent per litre (cpl) on all milk supplied by members in 2016. Patronage support will be offered to members through rebates on purchases of fertiliser and feed from Glanbia Agribusiness stores, costing €4 million. Lastly, the society will pay out a special dividend of 25 cents per share to members.

In addition to the above measures, Glanbia Ingredients Ireland suppliers have the option to enrol in a fixed milk price scheme with a base price of 30.25cpl, although volumes committed under this scheme are not yet known.