Glanbia will pay its member milk suppliers 30 cent per litre (cpl) including VAT for May manufacturing milk supplies at 3.6% butterfat and 3.3% protein.
Glanbia Ireland (GI) will maintain its base milk price for May at 29 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein. In addition, Glanbia Co-op will make a support payment to Members of 1 cpl including VAT, for May manufacturing milk at 3.6% fat and 3.3% protein.
The Glanbia Ireland base price and the Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Martin Keane, Glanbia Chairman, said: “there has been a welcome recovery in dairy market sentiment, driven mainly by adverse weather impacts on EU and US milk supply. The Board will continue to monitor developments on a monthly basis”.
Payments to Members and Suppliers
Meanwhile, Glanbia has completed a number of previously announced payments to Members and suppliers in order to help address cash flow challenges caused by the difficult Spring:
- Glanbia Co-op has completed the transfer of approximately €10m in Share Interest to all Members. This payment of 26 cent per share was worth over €1,000, on average, to milk supplying shareholders;
- Glanbia Ireland has completed the payment of feed bonuses to participants in the Glanbia Milk & Feed Loyalty Scheme. This five-year Scheme, which commenced on 1 January 2018, pays a Loyalty Bonus of €30 per tonne on all dairy feed purchased by participants. For the year to the end of April, this was worth an average of €1,500 to Scheme participants;
- Glanbia made a support payment of €50 per tonne on all qualifying feeds purchased in April. This resulted in approximately €2.5 million being credited to Members in their trading accounts.