The board of Glanbia plc yesterday announced a January manufacturing milk price of 25.25cpl (VAT inclusive ).
The board said it had decided to phase the full impact of the current global dairy market downturn in order to minimise the impact on suppliers at this expensive time of year.
Glanbia chairman, Liam Herlihy said that milk producers throughout the world are facing similar challenges with market returns well below the production cost in most cases. Glanbia is doing all within its power to reduce its operating costs and to improve efficiencies across the group.
“Our milk suppliers can be assured that we will provide as much assistance as we can to help militate against the severity of the market downturn.
“In so doing we as board members must also ensure that the company is adequately resourced to allow it cope with the significant challenges that we face and ensure sustainability in the longer term.”
