IFA welcomes Glanbia’s €32m bonus to suppliers

IFA has welcomed Glanbia Co-op’s move to pay a €32m bonus to 6,200 of its milk and grain suppliers, a timely move with superlevy fines on the horizon for farmers.

Some 92% of the co-op’s members voted in favour of the cash payment — to be paid on milk and grain supplied in 2014 and 2015, plus a loyalty payment for 2014 feed and fertiliser purchases.

Some €11.4m of this bonus is for 2014 milk and grain supplies and 2014 feed and fertiliser purchases; it will be paid as early as possible in 2015. The 2015 grain support of €0.8m will be paid after the grain harvest. The timing of payment of the €20m 2015 milk support fund will be decided by the co-op’s board.