Glanbia Ireland will pay its milk suppliers 35 cent per litre (cpl) including VAT for December manufacturing milk supplies at 3.6% butterfat and 3.3% protein. This price is unchanged from the November price. Glanbia Ireland has also announced that it will pay its milk suppliers a 1.1 cpl bonus on all milk supplied in July to December of 2017.
Glanbia Ireland Chairman Henry Corbally said: “We are pleased that the business met all its performance targets and is in a position to make this very significant payment to our farmers for all milk supplied in the second half of 2017. However, current market returns are considerably lower than our milk price, therefore price adjustments would seem inevitable over the coming months”.
Glanbia Ireland milk price bonus of 1.1cpl
The Board of Glanbia Ireland today agreed to pay a 1.1 cpl (including VAT) bonus on all milk supplied in July to December of 2017. This very significant bonus on all liquid and manufacturing milk supplies will be included in this month’s milk payment. Milk volumes allocated to Glanbia’s Fixed Milk Price Schemes will also benefit from the flat 1.1cpl bonus payment (as the Scheme prices are currently below the Market Price).
“As a business majority owned by our farmers, we are always committed to returning the highest possible milk price to our suppliers. Overall, 2017 was an excellent year for our milk suppliers, with 9% more milk delivered by our farmers and a very strong average milk price,” Henry Corbally said.
Glanbia Ireland is a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. Established in July 2017, it combines Glanbia Ingredients Ireland, Glanbia Consumer Products and Glanbia Agribusiness.