The Irish Creamery Milk Suppliers’ Association (ICMSA) has backed bringing Glambia Ireland (GI) under farmer control.
ICMSA president Pat McCormack confirmed the group has recommends voting ‘yes’ to bringing GI under farmer control with the restructure of Glambia Co-op.
More than 7,000 Glambia shareholders will be able to vote on the proposal at a special general meeting (SGM) that will take place on Friday 17 December.
If the move goes ahead it would result in Glambia Co-op purchase Glambia plc’s 40 per cent share in Glambia Ireland.
Mr McCormack said the ICMSA believes that milk price is one of the key issues to be considered along with the use of the investment fund and funding of the plan.
He said assurances have been given about the use of the investment fund that will deliver better returns and a better milk price for farmers.
According to data from the ICMSA milk tracker, Glambia needs to improve its position in the milk league after after underperforming recently, Mr McCormack added.
“While there is no definite commitment on milk price, placing the business in a co—op structure makes sense and farmers will have control,” said Mr McCormack.
“Glambia board and management have given a clear commitment that they intend to perform strongly on milk price and the ICMSA believes that Glambia shareholders should register to vote by the deadline and support this proposal on Friday.”
LSL News.