Dairy Board to rebrand as Ór Nua
The business charged with marketing Ireland's iconic butter brand Kerrygold is to change its name from the Irish Dairy Board (IDB) to Ór Nua.
It is understood that the Ór Nua proposal has been cleared by the IDB board and will be voted on at an upcoming special general meeting (SGM) of the co-op's shareholders.
The move to rename the business Ór Nua, which means New Gold in Irish, marks a return to an Irish name tag as the organisation was formerly known as Bord Bainne.
An IDB spokesperson confirmed that the organisation was going through the process of a name change and that personnel were in the process of being informed of the proposal.
Ironically, however, the choice of the name Ór Nua comes at a time when dairy farmer incomes are predicted to halve and milk prices could come close to the cost of production.
Economic forecasters at the state advisory service Teagasc last week predicted that milk prices would fall to 26-30c per litre in 2015, down from an average of 37c per litre this year.
This will result in a massive slump in dairy farmer incomes. These averaged €67,000 last year, but are forecast to fall to as low as €20,000.