Glanbia moves to support suppliers
It announced the plc will introduce a price support payment of 1 cent per litre plus VAT from Food Ingredients Ireland on manufacturing milk supplied from July to the end of December this year.
The co-op board is recommending an equivalent 1 cent per litre plus VAT from Glanbia Co-op for the same period, subject to shareholder approval. It also proposes engaging with the representative structure on possibilities for further support beyond 2008 “as dairy market volatility is expected to continue”.
Glanbia chairman, Liam Herlihy, said the milk price of 30c/l plus VAT reflects current market return.
