Co-op pays 25% of goodwill rebate

DAIRYGOLD has confirmed that it has already paid out 25% of the annualised goodwill rebate, (11 months ahead of schedule).

The co-op had promised the payment to former pig suppliers to Galtee, who continue to buy their pig feed from Dairygold. The decision to pay a rebate on pig feed purchase by former suppliers is worth €2 a pig up to 1,600 pigs supplied and €1 a pig for numbers supplied in excess of 1,600 pigs. The balance will be paid to qualifying suppliers based on feed purchase qualification in the period up to November 1 2005. Dairygold said the transfer of pig kill to alternative slaughtering plants has worked out well and it was focused on developing a strong consumer foods business in Mitchelstown.

Dairygold will continue to purchase a substantial volume of Irish pig meat. The co-op arranged for KPMG to audit the quantity of pig meat from pigs slaughtered in Galtee and used in Galtee retail products for the year ending August 2004. KPMG will report to Dairygold and IFA on Dairygold’s sourcing of an equivalent amount of Irish sourced pig meat each year up to August 2007.