New trading bonus scheme announced by Glanbia Co-op
Glanbia Co-operative Society has today announced a new ‘Trading Bonus Scheme’ that will reward farmer members of the co-op for purchases made from the business that they own, Glanbia Ireland.
For milk supplier members of Glanbia Co-op, the new 2018 Trading Bonus is potentially worth up to 0.75c/L on all milk delivered in 2018. For grain growers, a Trading Bonus of up to €10/t of grain supplied is available for 2018.
Beef, sheep and pig farmer customers of Glanbia Ireland that are co-op members will also qualify for a feed bonus on their tonnes purchased this year.
The 2018 Feed Trading Bonus will be €10/t on beef and sheep feed products purchased from Glanbia Ireland, with €5/t available to co-op members on purchases of pig feed and straights.
All 2018 purchases made from Glanbia Ireland – feed, fertilizer, veterinary medicines, dairy hygiene products and farm hardware etc – are included in the calculation.
At the end of this year, the total spend will be divided by the total litres of milk delivered to generate a cent per litre input spend.
The Trading Bonus Scheme is funded from Glanbia Co-op’s 60% share of the dividend paid by Glanbia Ireland to its shareholders in January 2018.
Commenting on the announcement, the chairman of Glanbia Co-operative Society Henry Corbally said: “This is a progressive scheme that will recognise and reward our members’ trade with Glanbia Ireland.
It is an equitable and transparent means of returning a share of Glanbia Ireland profit to our active farmers.
“This is the model that our members overwhelmingly endorsed by 93% at our SGM in Punchestown last May,” Corbally concluded.