Lakeland announces latest milk price for February supplies

Lakeland Dairies has revealed its milk price for February supplies, in what is expected to be its final milk price before its merger with LacPatrick Dairies takes effect.

The latest price will be held at 32.06c/L, inclusive of VAT and lactose bonus, for its February supplies, the same figure as the January price.

A spokesperson for Lakeland said: “The European market has weakened both for skim milk powder and butter in recent weeks.

This is compounded by Brexit uncertainty which is having a negative effect on European prices, while separately, the New Zealand GDT auction has remained steady.

The spokesperson added that the co-op would continue to pay the highest possible price for as long as market conditions would allow.

Last month, the co-operative held its price for January supplies at the previous December level of 32.06c/L, including VAT and lactose bonus.

At the time, a spokesperson for Lakeland said that Brexit was creating uncertainty in the dairy market across Europe.

Lakeland-LacPatrick merger

Last week, on March 5, it was announced that the merger between Lakeland Dairies and LacPatrick Dairies had been given the green light.

Competition authorities in both the Republic of Ireland and Northern Ireland reached an agreement on the proposal, which was later announced on the website of the UK’s Competition and Markets Authority.

Both that authority and the Republic’s Competition and Consumer Protection Commission agreed that competition would not be adversely affected if the merger went ahead.

The two co-operatives are expected to begin trading as one entity at the end of this month.

The terms of the merger had been agreed on by the both parties last October.

New company secretary

Late last month, Lakeland announced that Tom Griffin would be appointed as general counsel and company secretary.

His role, according to the co-operative, is to provide legal advice on every aspect of corporate, business and commercial law “in support of the society’s ongoing growth and development”.

Griffin is an experienced corporate and commercial lawyer, having worked most recently as a corporate commercial solicitor with AIB Bank for seven years.