Aurivo has announced the creation of a €2m milk stability fund to mitigate against the impact of poor milk prices in 2015.
Aurivo CEO Aaron Forde made a number of significant announcements, at recent events for its shareholders and milk suppliers, which provided insights into its global dairy business with an emphasis on supporting future growth.
Forde also announced that Aurivo’s revolving fund, which was due to commence this year, will be postponed for 12 months, in an effort to support milk suppliers through the year ahead.
“In a year when milk quotas are ending, there has been record supply and the world dairy market is more challenging, it’s important Aurivo puts appropriate mechanisms in place to support our suppliers and the co-op’s growth plans,” he said.
With regard to the possible superlevy, Aurivo Chairman Tom Cunniffe said a repayment plan has been announced, with milk suppliers given the opportunity to spread their payments throughout 2015 and 2016.
The Chairman has also stated that Aurivo will pay a ‘competitive’ milk price for 2015.
Aurivo process in the region of 270m litres of milk annually from 1,000 milk suppliers. A further two events are due to take place across the Aurivo region later this month.