October 25, 2020
Business News

Kilkenny-based Glanbia to pay milk suppliers over €100m for May

KILENNY-based Glanbia has confirmed it will pay its milk suppliers 30.5 cent per litre (cpl) including VAT for May.

Glanbia milk Ireland (GI) will pay a base milk price for May of 30 cpl including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.

The Board of Glanbia Co-op said it would make a support payment to members of 0.5 cpl including VAT for May milk supplies.

The Glanbia Ireland and the Glanbia Co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.

The actual average price paid by Glanbia for May manufacturing milk based on actual constituents, will be 32.95 cpl (including Co-op support payment).

Glanbia said May milk supplies were 10% ahead of the same period last year, which payments in excess of €100 million for the month of May.

Glanbia Chairman Martin Keane said: “Glanbia Ireland has maintained its base price of 30cpl. While protein prices have improved in recent months, the butter market has weakened. Demand in many developed economies remains sluggish due to weaker economic growth and trade issues. The Board will continue to monitor developments on a monthly basis.”

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