Majority of Glanbia suppliers sign up to new milk supply agreement
The company will now pay out a €2.5m loyalty fund to all who signed up. The fund which is based on milk volume supplied in 2013, will equate to c.1cpl on June milk supply. This loyalty payment will be paid in July.
The company also confirmed that it will hold its milk price for June at 37cpl.
Chairman Liam Herlihy said: “I am pleased and encouraged by the very positive response to the milk supply agreement. This very high level of sign-up sends a strong signal to the market where our customers can see first-hand that the company has a loyal and committed supply base.
“In a post-quota environment, it is in the interest of all stakeholders that we have as much certainty as possible for our global customers in terms of volumes of milk produced on farms, and how it will be assembled, processed, marketed and sold.”
