Shareholders of Lakeland Dairies and LacPatrick Dairies approve merger
At their respective SGMs held this afternoon, shareholders of dairy processing co-operatives Lakeland Dairies and LacPatrick Dairies have voted resoundingly in favour of the merger of both Societies
Lakeland shareholders met in Cavan and LacPatrick shareholders met in Cookstown, Co. Tyrone.
The ballots of each society were conducted independently by the Irish Co-operative Organisation Society (“ICOS”).
- 97.24pc of shareholders of Lakeland Dairies voted in favour of the merger.
- 95.99pc of shareholders of LacPatrick Dairies voted in favour of the merger.
Alo Duffy, Chairman of Lakeland Dairies said the shareholders of both societies have created a great good for co-operative dairy farming.
"By combining our co-operatives and operations, we will continue our strong progress in a very meaningful way. The new society being formed through this merger will continue to be farmer owned and controlled while paying a sustainable and competitive milk price in line with market conditions into the future.”
Andrew McConkey, Chairman of LacPatrick Dairies said that by voting in favour of the merger, they are confident that both the LacPatrick and Lakeland shareholders have created a sustainable platform for dairy production in the northern half of the country.
"This will create stability, scale, efficiency and further added value for our milk producers together with enhanced global market access for our high quality dairy products.”
Michael Hanley, CEO of Lakeland Dairies and Group CEO Designate of the News Society said it underpinned by the confidence shown by the members of each co-operative, the combined organisation will be a competitive, international dairy food business which will work as a platform to secure the future of our dairy farmer members for generations to come.