Two cent/litre contribution proposed by Glanbia from 2015

A contribution of two cent per litre on forecast growth milk volumes for five years from 2015 is being proposed to Glanbia milk suppliers, as part of a milk supply agreement plan from 2015.

This contribution would be repayable to suppliers, but details of a proposed repayment mechanism are yet to be finalised.

A contract between each supplier and Glanbia Dairy Ingredients Ireland will replace the EU quota, which will be abolished on Apr 1, 2015. Each supplier will be allocated a volume of core milk, based on the higher of his or her EU quota or actual supply over a three-year reference period up to Apr 2011.