Dairy farmers supplying LacPatrick Co-op will be paid for milk they have supplied to the co-op this month, next month and into the foreseeable future, LacPatrick board member Gerard Sherlock has said.

Speaking on Northern Sound on Thursday, Sherlock said: “The board of the co-op on Tuesday night, made a strategic decision to maybe look to the future of our co-op and the future of our suppliers and for the future of all the staff and especially all the dairy suppliers.

“The big concern is are dairy farmers going to be paid for their milk this month, next month and in the foreseeable future and the answer categorically is yes.

“The co-op, as LacPatrick Co-op as it stands today, is financially sound,” he said.

Emergency meeting

Following an emergency board meeting on Tuesday night, the chair of LacPatrick, Andrew McConkey was instructed by board members to initiate merger talks.

On Wednesday in a statement, McConkey said that the co-op has agreed to pursue a number of strategic options with a view to identifying the best way forward that is in the interest of its suppliers, shareholders, staff and customers.

"This may or may not include partnerships, joint ventures, mergers and other opportunities to consolidate the dairy industry.

"The decision by the board of LacPatrick comes following a number of approaches from international and national companies from the sector in recent months,” he said.

Suitors circling for LacPatrick

LacPatrick to initiate merger talks

Milk suppliers will be paid – LacPatrick board member

LacPatrick board member Gerard Sherlock has reassured suppliers to the co-op that their milk cheques will be paid after the co-op announced it is to seek strategic partners to potentially merge with.