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.
The new 2018 Trading Bonus is potentially worth up to 0.75 cent per litre (cpl) on all milk delivered in 2018, for milk supplier members of Glanbia Co-op. Furthermore, a Trading Bonus of up to €10 per tonne of grain supplied is available for grain growers this year.
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.”