Farm Ireland

Saturday 21 July 2018

Kerry Group boss keen to resolve '13th payment' issue

Stan McCarthy
Stan McCarthy
Louise Hogan

Louise Hogan

The departing chief executive of Kerry Group Stan McCarthy would "love" to see the stalemate over the 'thirteenth' milk price payment resolved.

Mr McCarthy, who hands over the top spot to Edmond Scanlon at the end of next month, said the negotiations with the Kerry Co-op for the 3,300 farmer suppliers were still continuing.

"Irrespective of whether I leave I would just prefer if that was resolved," said Mr McCarthy.

The boss of the multi-billion euro taste and nutrition giant said there would be no change of mind on the decision taken that saw Mr McCarthy step down as chief executive of the Co-op.

"I wouldn't see that reversing," said Mr McCarthy.

Farmers have been critical of the milk price on offer, as they've felt it has lagged behind their neighbours in west Cork.

Mr McCarthy said he continued to be optimistic for the Irish dairy industry as it was in a "good position".

"The demand for butter has seen it reincarnate itself as being a good quality food that people want to consume," he said. The half year results saw group revenue increase by 4.8pc to €3.2bn, with the volumes of trade in the taste and nutrition business up over 4pc.

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The firm confirmed it was continuing to target acquisitions in the developing world with €1bn spent over the past two years.

However, the half year results heard an interim dividend per share of 18.8c would be paid, up almost 12pc.

The co-op holds a 13.7pc stake of around 24 million shares in the Kerry Group, while farmer shareholders hold an estimated 30pc.

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