Glanbia Co-op announces new Bonus Scheme
Glanbia Co-operative Society (“Glanbia Co-op”) 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 0.75 cent per litre (cpl) on all milk delivered in 2018 (Table 1). For grain growers, a Trading Bonus of up to €10 per tonne 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 per tonne on Beef and Sheep Feed products purchased from Glanbia Ireland, with €5 per tonne available to Co-op Members on purchases of pig feed and Straights.
As shown in Table 1, the Milk Supplier Trading Bonus is worth up to €3,750 to a 500,000 litre supplier spending over 7 cpl with Glanbia Ireland this year. 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 2018, the total spend will be divided by the total litres of milk delivered to generate a cent per litre input spend.
Table 1: Glanbia Co-op 2018 Trading Bonus for Glanbia Ireland milk suppliers
|Purchases from Glanbia Ireland (cpl)||Trading Bonus (cpl)||Trading Bonus (€) for 500,000 litre supplier|
|1 - 3||0.10||€500|
|3 - 5||0.25||€1,250|
|5 - 7||0.50||€2,500|
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, Henry Corbally, Chairman of Glanbia Co-operative Society 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.”
First Published 15 January 2018