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Kerry to pay additional top-up for 2023 milk supplies

Source: The DairyNews
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Kerry Group made an announcement on Tuesday, April 2, revealing its decision to provide an extra payment of 0.90c/L (inclusive of VAT) for all qualifying milk solids supplied under the Kerry milk supply contract in 2023, Agriland writes.
Kerry to pay additional top-up for 2023 milk supplies
This move comes after consultations between Kerry Group and the board of Kerry Co-Operative Creameries Ltd. regarding the 'leading milk price payment'.

The total additional payment to milk suppliers by the Group amounts to €10.5 million.

The processor had previously raised its milk price for February to 40c/L, up from 39.5c/L, including VAT for milk supplied at specific protein and butterfat levels. This comprised a base price of 38c/L and a milk contract payment of 2c/L on all qualifying milk volumes.

The February milk price at EU standard constituents stood at 43.88c/L. Considering Kerry's average milk solids for February, the price return inclusive of VAT and bonuses was 45.35c/L.

In January, the processor had announced a milk price top-up payment for suppliers for milk supplied in the latter six months of 2023, amounting to 1c/L, including VAT, for all qualifying milk solids supplied from July to December 2023.

Following this payment, the board of Kerry Co-op had recognized it as part-payment of Kerry Group's contractual commitment to pay 'the leading milk price' to its milk suppliers for 2023.

Kerry Co-op stated its intention to collaborate with the processor through its leading milk price committee to ensure the outstanding balance is paid in due course.

This announcement of a 0.9c/L top-up follows consultations between the processor and the co-op.
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