US creamery offers milk suppliers 'equity buyout program'


"This will provide an opportunity to sell their dairy herds while there is still some value in the market.”

US creamery offers milk suppliers 'equity buyout program'

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  • 1 mth ago

"This will provide an opportunity to sell their dairy herds while there is still some value in the market.”

A milk processor in the US has offered its suppliers a buy-out programme if they feel they will not be able to carry on production the current Covid-19 crisis.

The demand for milk and milk products has dropped globally due to businesses and restaurants ceasing operations for public health reasons.

Covid-19 impact

Many farmers across the world have been forced to dump milk as a result of the covid-19 virus reducing the demand for milk.

Ellsworth Cooperative Creamery is based in Wisconsin, USA; it processes milk for over 300 family farm suppliers through two production facilities and produces over 80 varieties of artisan cheeses.

Farmers across the United States have been dumping their milk as a result of the current situation. Many farmers are fearing that they will not be able to continue trading as a result of the financial loss they are facing.

Ellsworth Cooperative Creamery has offered its suppliers a solution to this problem. A company spokesperson stated: “At Ellsworth Cooperative Creamery, we’ve ramped up cheese production and all production facilities are currently working overcapacity.”

“As of this time, we have continued to accept milk our patron farmers produce. However, we can see that soon this will be unsustainable.”

“We’ve asked that they do what they can to reduce milk production. In addition, our cooperative’s board has created an emergency equity buyout program to help any farm that sees they will be unable to weather this storm. This will provide an opportunity to sell their dairy herds while there is still some value in the market.”

Sacrifice

The spokesperson asked the American public to continue to support farmers during this difficult period.

“During this time of buy-local, don’t forget about America’s farmers. Many will sacrifice their livelihoods and family legacies for the greater good and to save the dairy farming industry."

"We must remember they are heroes, too. They are going to need your prayers and support during this unprecedented time,” they concluded.

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