This is a subscriber-only article
The merger between Lakeland Dairies Co-operative Society Limited and LacPatrick Co-operative Society Limited has been formally completed.
The new co-op formed by the merger is to be called Lakeland Dairies Co-operative Society Limited and the name Lakeland Dairies will continue to be used.
Lakeland Dairies is now the second-largest dairy processor on the island of Ireland, with a cross-border milk pool of 1.8bn litres produced by 3,200 farms from a catchment area covering 16 counties.
The co-operative will have a combined annual turnover in excess of €1bn.
New board
At the first board meeting, Alo Duffy, Ballybay, Co Monaghan, was appointed chair, with two vice-chairs, Colin Kelso from Omagh, Co Tyrone, and Alan McCay from Dunamanagh, Co Tyrone.
A transitional board has been established including members from both co-ops to cover the initial 12-month period post-merger.
The milk price for all milk producers will be set by the new board on 12 April.
Michael Hanley, the current CEO of Lakeland Dairies, will continue to serve as the CEO in the merged co-op.
Farmer-controlled
Commenting on the merger, Hanley said: “Lakeland Dairies is farmer-owned and farmer-controlled and we exist for the benefit of our milk producers.
“We are now bringing all of our capabilities together into a single and unified organisation whereby we will create new efficiencies and economies of scale as we continue to serve our valued customers throughout the world.
“The bringing together of two major organisations is complex. After the intensive activity leading up to the merger, we must now focus all of our energies entirely towards the future success of the combined business.
“Significant work will have to take place to make the new organisation as efficient as possible and to return the strongest possible milk price back to dairy farmers in line with market conditions. We will leave no stone unturned to ensure that we establish the most effective platform from which to conduct our business in the future.”
SHARING OPTIONS: