LacPatrick announces cuts to its October milk price
It comes after it made a series of cuts for staff
LacPatrick has this evening announced its October milk price to its suppliers.
The co-op, which recently merged with Lakeland Dairies, decided at board level today to cut its milk price by 1p/L to 26.5p/L for its Northern suppliers - down from its September price of 27.5p/L, while its southern suppliers will have a 1c/L cut to their milk price, bringing it down to 31c/L (VAT inclusive).
It's also understood that the co-op will not be paying a 2c/L October winter bonus and will decide on whether to pay a November milk bonus at next month's board meeting.
The cut comes after a series of cuts for staff at LacPatrick Co-op were announced last week by management following warnings that the financial situation at the business remained "difficult".
Last month there was consternation among farmer suppliers when, what was described by LacPatrick as 'administrative issues' saw a delay in milk payments.
However, a co-op spokesman insisted that payments to its 900 milk suppliers would not be delayed this month.
In a statement read out to staff at LacPatrick's three operating centres in Monaghan town, Ballyrashane and Artigarvan, management said "urgent measures" were required to "reduce costs and support the survival of the business until the merger with Lakelands completes".
The cuts announced mean the co-op: