Glanbia urged to create reserve fund to support milk producers in difficulty

GLANBIA, the €2.2 billion turnover global food group, was urged yesterday to set up a multi-million-euro reserve fund to support milk producers in difficult times.

The suggestion was made at the annual general meeting of Glanbia plc, attended by about 300 shareholders in Kilkenny, as dairy farmers vented their fury at the price they are being paid for milk supplies.

Farmers warned at the sometimes lively meeting that they cannot produce manufacturing milk below the cost of production and called on the board to revisit the milk price it is paying.