Glanbia unveils new monthly payment for Waterford farmers
Glanbia Co-op has announced a new monthly payment for its Waterford milk suppliers.
Glanbia Co-op owns 60% of Glanbia Ireland (GI) and receives a dividend each year which equates to 30% of the milk processor’s annual Profit-After-Tax (PAT). At the formation of GI in 2017 members voted at a Special General Meeting (SGM) in Punchestown to ring-fence this dividend for distribution to active farmer Members of Glanbia Co-op.
In 2020 milk suppliers in Waterford will receive a 0.4 cent per litre (cpl) payment each month. Glanbia said this payment “will be adjusted to reflect the actual constituents of the milk delivered”.
Waterford members also have an opportunity to participate in Glanbia’s 2020 Trading Bonus scheme.
Glanbia Chairman Martin Keane said: “The combination of the new monthly ‘Share of GI Profit’ payment and the 2020 Trading Bonus Scheme is an equitable, transparent and a more immediate means of returning the Co-op’s share of GI profit to our active farmer members.”
The 2020 Glanbia Co-op policy is being outlined to shareholders at a series of nine information meetings which commenced across the Glanbia region on Tuesday 14 January.
Under the 2020 Trading Bonus Scheme, farmers will be rewarded for purchases made from Glanbia Ireland and its subsidiaries.
The scheme is potentially worth up to 0.4 cent per litre on all milk delivered this year. For grain growers, a Trading Bonus of up to €10 per tonne of grain supplied is available.
PHOTO: Glanbia Board Member Tom Grant and Glanbia Ireland’s Pat Ryan. Picture: John D Kelly