Glanbia Co-operative Society has announced a ‘2016 Member Support Package’ worth at least £27m.
This new support is in addition to the estimated £23m already paid out by the dairy co-op to members in 2015.
The package will provide members with:
- £16m of milk price support. An average of at least one euro cent per litre on all milk supplied by members in 2016.
- Patronage support worth an estimated £3m. This includes a rebate of £5.35 per tonne on all 2016 feed and fertiliser purchased from Glanbia by members.
- A special dividend totalling £8.1m.
Chairman Henry Corbally said: The current weak state of global dairy and grain markets makes this a very challenging time for members of our society. The board of the society recognises that 2016 looks likely to be a difficult year for our members and has resolved to provide support at this challenging time.”
The package has been funded in part by the £51m support fund created by the society’s sale of four million Glanbia plc shares in May 2015.
Mr Corbally praised the forward thinking of members who created the support fund: “This 2016 Support Package demonstrates the power of the Glanbia model. Farmer members are paid a competitive market price for their produce, and also benefit from the value created in Glanbia plc.”
In the recent World Co-operative Monitor, Glanbia was named the 123rd largest co-operative by turnover, with a turnover in 2013 of $4.53bn.