Glanbia holds milk price and announces details of €2m Seasonality Scheme
Glanbia will pay its milk suppliers 31c/L including VAT for February manufacturing milk supplies.
Glanbia Ingredients Ireland (GII) has held its base price for February at 31c/L including VAT for manufacturing milk at 3.6pc fat and 3.3pc protein.
Glanbia Chairman Henry Corbally said that the Board will continue to monitor dairy markets on a monthly basis.
Meanwhile, Lakeland Dairies announced it has held its milk price at 31.28c/L including VAT for February milk.
2018 Seasonality Scheme
Meanwhile the Board of GII has today approved the terms of a new three-year Seasonality Scheme, commencing in 2018.
For 2018, a fixed Early Lactation Bonus of 4.25c/L (including VAT) will be paid on all qualifying litres supplied during the last two weeks of January and for the month of February.
A Late Lactation Bonus will be paid on all qualifying volumes supplied during the month of November each year. The rate of the Late Lactation Bonus will be determined by the total qualifying volume, up to a maximum late lactation bonus pool payout of €0.5m.