Henchy’s iceberg warning

DAIRYGOLD Co-op predicts a reduction in farmer numbers of about 40% over the next five years or so.

But the resulting drop in demand for its agri-trading goods is only the tip of an iceberg threatening to sink the co-op ship, management told the Labour Relations Commission (LRC) this week, during negotiations on making 500 staff redundant before the end of the year.

"Either 500 people leave the company now with a generous severance package or a much greater number of staff will lose their jobs with nothing but statutory terms in a short few years", said Chief Executive Jerry Henchy in an opening statement to the LRC.