Lakelands and LacPatrick complete ‘historic’ merger
Lakeland Dairies and LacPatrick Co-operative have formally completed the merger of the two societies.
The new society formed by the merger is to be called Lakeland Dairies Co-operative Society Limited and will be known as ‘Lakeland Dairies’.
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.
A Transitional Board has been established (including Lakeland and LacPatrick Board members) to cover the initial 12-month period post-merger.
At the first Board meeting of the new Society, Alo Duffy was appointed chairman of the co-operative together with two vice-chairs, Colin Kelso and Alan McCay.
Michael Hanley, the current CEO of Lakeland Dairies, will continue to serve as the Group CEO in the new society.
Mr Hanley stated that after completing a lengthy merger process, it must now focus its efforts on driving the business forward and delivering the strongest possible milk price for the farmer.
“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.
“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.”
Alo Duffy stated the merger was a “historic and progressive development”