At separately held SGMs, the shareholders of North Cork Co-operative Creameries (Kanturk, Co. Cork) and Newtownsandes Co-operative (Moyvane, Co. Kerry) have resoundingly approved the merger of the two Societies, which had been unanimously recommended to members by their respective Boards.
The now approved merger will be completed in the coming months subject to regulatory approval by the Competition and Consumer Protection Commission (CCPC). At the separately held SGMs, a show of hands approved the merger in each case, meaning a formal ballot was not necessary. The voting process was overseen by ICOS – the Irish Co-operative Organisation Society.
The deal will see both co-operatives continuing to work closely together in a commercial dairy processing arrangement. As it stands, North Cork Creameries already process approximately 23million litres of milk annually into high-quality dairy produce for Newtownsandes.
On completion of the proposed merger, the businesses of both co-operatives will be merged with all current milk collection and processing arrangements continuing as normal.
Both co-operatives have been in discussion since January about the possibility of an amalgamation and this has now reached a successful conclusion. North Cork Co-operative Creameries will process over 240m litres of milk annually, with the capacity to increase processing throughput to over 360m litres. This will help cater for ongoing expansion by milk producers across its operating region.
Each of the societies has a long-standing heritage of commitment to co-operative dairy farming. They share mutual business development aims in the interests of milk producers and rural communities.
The merger was welcomed by the Chairman of Newtownsandes Co-operative, Martin J Kennelly.
“We have always been very pleased with our milk supply and processing partnership with North Cork Creameries and this merger will now bring us even more cohesively and productively together, creating further value for dairy farmers into the future.” Martin J Kennelly, Chairman of Newtownsandes Co-operative said.
The news was also welcomed by Chairman of the North Cork Co-operative Creameries, Jerry Doody, who says the merger will help drive both sides forward.
“We warmly welcome the members of Newtownsandes to North Cork Creameries. This merger will drive further efficiencies for the combined businesses and will underpin a sustainably competitive milk price in the long term and mutual best interests of all of our milk producers.” The Chairman of North Cork Co-operative Creameries said.