Glanbia Co-op to pay €10.8 million trading bonus to members

Glanbia Cooperative Society has confirmed that a total of €10.8 million will be paid to milk supplier members of the co-op this month as part of its 2019 Trading Bonus Scheme.

The Milk Supplier Trading Bonus payment will be made to qualifying members with their January milk payment and is based on 2019 milk supply volumes.

Announced with the January milk price payment statement, it was also revealed that a total of 3,375 Glanbia Co-op members will receive an average Milk Supplier Trading Bonus of €3,205.

Two thirds of Trading Bonus recipients qualified for the top rate bonus payment of 0.75c/L plus VAT on their 2019 milk supply as they spent over 7c/L with Glanbia Ireland last year.

In the coming weeks, a further €1.4 million in 2019 Trading Bonus Scheme payments will issue to members for the Green Grain Supplier Trading Bonus.

Another €1 million of 2019 Trading Bonus Scheme payments will be paid in the summer for the Dried Grain Supplier Trading Bonus.

Non-milk supplier members will receive €500,000 for feed bonuses in the coming weeks under the scheme.

Members will also have the opportunity to take part in the 2020 Trading Bonus Scheme.

This includes a payment based on the level of trade for milk and grain suppliers. In addition, beef, sheep and pig farmer customers that are Glanbia Co-op members can qualify for a Feed Bonus on tonnes purchased.

Co-op chairman Martin Keane said that the Trading Bonus rewards Glanbia Co-op members for trading with the business they majority own, Glanbia Ireland.

“The new monthly payment of 0.4c/L on all milk supplied, in addition to the 2020 Trading Bonus Scheme, is an equitable and a more immediate way of sharing the co-op’s portion of Glanbia Ireland profit with our active farmer members.”