Martin Keane from Errill, the new chairman of Kilkenny based Glanbia Plc
Glanbia will pay its member milk suppliers 30 cent per litre (cpl) including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will maintain its base milk price for May at 29 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. In addition, Glanbia Co-op will make a support payment to Members of 1 cpl including VAT, for May manufacturing milk at 3.6% fat and 3.3% protein.
The Glanbia Ireland base price and the Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Martin Keane, Glanbia Chairman, said: “There has been a welcome recovery in dairy market sentiment, driven mainly by adverse weather impacts on EU and US milk supply. The Board will continue to monitor developments on a monthly basis”.
Payments to Members and Suppliers
Meanwhile, Glanbia has completed a number of previously announced payments to Members and suppliers in order to help address cash flow challenges caused by the difficult Spring:
· Glanbia Co-op has completed the transfer of approximately €10m in Share Interest to all Members. This payment of 26 cent per share was worth over €1,000, on average, to milk supplying shareholders;
· Glanbia Ireland has completed the payment of feed bonuses to participants in the Glanbia Milk & Feed Loyalty Scheme. This five-year Scheme, which commenced on 1 January 2018, pays a Loyalty Bonus of €30 per tonne on all dairy feed purchased by participants. For the year to the end of April, this was worth an average of €1,500 to Scheme participants;
· Glanbia made a support payment of €50 per tonne on all qualifying feeds purchased in April. This resulted in approximately €2.5 million being credited to Members in their trading accounts.