Glanbia is to pay its member suppliers a base price of 20c/L for May manufacturing milk supplies, but will top this up with a bonus payment of 2c/L from Glanbia Co-op and 1c/L from GII.
Including these bonuses, member suppliers will receive 23c/L for May milk, including VAT, for manufacturing milk at 3.6% fat and 3.3% protein.
This includes the distribution of the remaining balance of the Ornua 'additional cash bonus'. A 1c/L Ornua bonus was distributed to all suppliers in March.
The Board of Glanbia's Co-op has decided to pay its members a support payment of 2.0c/L, including VAT, for May manufacturing and liquid milk supplies.
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Henry Corbally, Glanbia Chairman, said that it appreciates the income challenge caused by the extreme weakness in the global dairy market.
"We are doing all we can to support our farmer suppliers, through both GII and the Society.
"We have recently launched our €55m Glanbia Advance Payment (GAP) Scheme to add to our range of industry leading Volatility Tools, such as Fixed Milk Price Schemes and MilkFlex Loan Fund."
In addition to the milk price of 23c/L, including VAT, for May, he said that the optional GAP scheme will offer up to 2c/L of interest-free cashflow support on May to December 2016 milk volumes to participating members.
In addition, Corbally said that a significant number of its suppliers are benefitting from Glanbia's four active Fixed Milk Price schemes, which are paying base prices of between 29 and 31c/L.