Shareholders of North Cork and Newtownsandes approve Merger
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 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 and a formal ballot was not required. The voting process was overseen by ICOS – the Irish Co-operative Organisation Society.
Both co-operatives are friendly and neighbouring societies who already work closely together in a commercial dairy processing arrangement - whereby North Cork Creameries already processes some 23m litres of milk annually into a range of high quality dairy products 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. North Cork Co-operative Creameries will process over 240m litres of milk annually, with an already well invested capacity to increase processing throughput to over 360m litres, and this will 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.
Both co-operatives had been in discussion since January about the possibility of an amalgamation and this has now reached a successful conclusion.
Martin J Kennelly, Chairman of Newtownsandes Co-operative said, “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.”
Jerry Doody, Chairman of North Cork Co-operative Creameries said, “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.”
North Cork Creameries is an innovative company offering a portfolio of excellent dairy products and food ingredients manufactured to the highest international standards. The co-operative’s dairy food ingredients include milk powders, caseins, whey and bulk and pre-packed butter for a diverse range of food manufacturing applications. North Cork also supplies fresh liquid milk, whipping creams and butters to leading multiple retailers.