Majority of Glanbia suppliers sign up to new milk supply agreement

Some 93% of suppliers to Glanbia Ingredients Ireland Limited have signed up to its 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.