ICOS welcomes Lakeland-Fane tie-in

Two joint ventures announced last week by Lakeland and Fane Valley co-operatives have been welcomed by the Irish Co-operative Organisation Society (ICOS), the country’s national umbrella body for agricultural co-ops.

The dairy processing and agri-business joint ventures will have projected annual revenues of €845m.

Fane Valley is based in Banbridge, Co Down, and Lakeland Dairies, has its group head office in Killeshandra, Co Cavan.

Martin Keane, president of ICOS, said that the move represents a strategic leadership initiative by an affiliate co-op, with Fane Valley Co-op.

“The effect of this decision would help both to consolidate and rationalise the processing and marketing of the milk pool on this island and combine co-operatives’ agri-business operations, all in the interest of their farmer members, he said.

Mr Keane added that this development was in line with the ICOS policy of seeking greater collaboration between milk processors through joint ventures, or fuller scale amalgamations.

The aim is to ensure that savings were achieved in processing and marketing, in the interests of farmer members and consumers, he said.