Dairy farmer members will receive a bonus of 0.25c/l each month on all milk supplied as part of Glanbia Co-op’s 2022 trading bonus scheme. And, 4,800 shareholders who took part in last year’s scheme will be paid €8m.
The bonus will be paid on all milk from suppliers who spend 8c/l or more on input purchases with Glanbia this year.
“As we continue our transition into full co-op ownership of our agri-trading business, it is more important than ever that we support our own co-op,” comments John Murphy, the Chair of Glanbia Co-op. “Glanbia Co-op continues to deliver strongly for its members.”
Glambia aims to pay the best milk and grain prices to its members. In addition to the trading bonus and share of the GI profit payment, Glanbia Co-op also paid out €6.2m share interest (dividend) or 16.5c/l share to all co-op members last year.
The milk supplier trading bonus is worth up to €1,375 plus VAT to an average supplier spending over 8c/l with GI in 2022. All qualifying 2022 purchases made from GI are included in the calculation.
At the end of 2022, the total spend will be divided by the total litres of milk delivered to generate a cent-per-litre input spend for each member. The applicable trading bonus will be paid in February 2023.
Beef, sheep and pig farmer customers of GI who are Glanbia Co-op members will also qualify for a feed bonus on amounts purchased this year. For non-milk suppliers, the 2022 feed trading bonus will be €10/t of beef, dairy and sheep feed products purchased from GI.
There is €3/t available to qualifying co-op members on purchases of pig feed and straights.
LSL News.