Glanbia reveals prices it will pay Kilkenny milk farmers for April as it confirms it is open for business
Kilkenny-based Glanbia will pay local farmers 28.42 cent per litre for milk supplies in April.
Glanbia Ireland (GI) will pay a base milk price for April of 28 cpl (including VAT) for creamery milk at 3.6% fat and 3.3% protein. This is a reduction of 1 cpl from the March base price.
Kilkenny members will also receive a 0.42 cpl (inc VAT) payment from Glanbia Co-op on all milk supplied this month as their ‘Share of GI Profit’.
The Glanbia Ireland base price and Glanbia Co-op Share of GI Profit payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
The actual average price paid by Glanbia for April creamery milk, based on delivered constituents, will be 31.45 cpl, including GI Share of Profit payment.
This reduction in base milk price is due to the negative impact of the Coronavirus (Covid-19) pandemic on dairy market returns.
Glanbia Chairman Martin Keane said: “Dairy markets continue to be impacted by Covid-19 and the current returns from our basket of products unfortunately require an adjustment in milk price. The pace of recovery in consumer activity, as well as global milk supply trends, will be key factors driving dairy market movements in the months ahead. The Board will continue to monitor the situation on an on-going basis.”
The Board of Glanbia Co-op has approved the distribution of Share Interest (“Special Dividend”) of 13.5 cent per share to all Members. This €5m Share Interest distribution was approved at a Special General Meeting (SGM) of Glanbia Co-op held on 29 May 2019 and will be paid to all Members on the Share Register on the date of that meeting.
The company also announced that all Glanbia Ireland milk processing facilities continue to operate to their planned capacity levels for this time of year, despite the Covid-19 crisis.
“As a business we are continuing to take all appropriate measures to deal with the Coronavirus challenge,” Martin Keane said. “We are deeply appreciative of the great commitment of our farmer suppliers, our team of hauliers and our dedicated workforce who are all ensuring that record peak milk volumes are currently being handled very well by all links in the supply chain,” he concluded.