Glanbia Co-op unveil €35.6m package to support members under milk markets pressure

Glanbia Co-op has unveiled a €35.6m package to support members who are under pressure from volatility in global milk markets.

This package follows €30m support paid in 2015.

This package will use a portion of the €67m fund created by the society’s sale of four million Glanbia plc shares last May.

Glanbia Co-op chair, Henry Corbally, said: “The board recognises 2016 looks likely to be a difficult year for our members and has resolved to provide support at this challenging time.”

Co-op members will receive at least €21m of milk price support, or around 1c per litre on all milk supplied in 2016.

They will also get support worth around €4m.

This €4m support will consist of a rebate of €7 per tonne on all 2016 feed and fertiliser purchased from Glanbia; this is worth 0.15cpl to a typical milk supplier member purchasing all feed/fertilizer from Glanbia; a €5 per tonne rebate on green grain and €2 per tonne on dried grain, subject to a minimum spend of €40 per tonne on qualifying inputs; and a dividend totalling €10.6m, share interest of 25c per share to all members.