Table of Contents
Table of Contents
- 1. Kerry Co-op Shareholders Cash In Big with Dairy Deal
- 2. Kerry Group Shareholders Celebrate Historic Share Deal
- 3. Regional Benefits and Economic Boost
- 4. A Festive Atmosphere and Local Impact
A wave of optimism has swept across County Kerry as shareholders in the Kerry Group overwhelmingly voted in favor of a landmark deal that will see them receive a substantial payout.The move, hailed as a boon for the region, is expected to have a meaningful impact on the local economy, particularly land prices and the catering industry. While most shareholders intend to retain their shares, some plan to cash in, using the funds for various purposes, including investments in machinery, debt repayment, and even the purchase of new cars. A shareholder who wished to remain anonymous, remarked “They were saying at the meeting they crossed the Shannon by ferry but would be coming back again by yacht.” This sentiment reflects the perceived financial windfall many anticipate.
Regional Benefits and Economic Boost
Fianna Fáil councillor Jimmy Moloney,representing Listowel,the birthplace of the Kerry Group,believes the wider southwest Munster region stands to benefit greatly from the deal.“The majority of shareholders will be west Munster.This has got to be good for the region,”
he said, emphasizing the Kerry Group’s significant role as an employer in the area. Auctioneers predict a potential rise in land prices, a trend fueled by the long-standing influence of Kerry shares on the local property market.“Could it drive land prices even higher? It could,”
commented Tom Spillane, a former Kerry footballer based in Killarney. He acknowledges that good land in Kerry is always in high demand due to it’s scarcity.A Festive Atmosphere and Local Impact
the Gleneagle Hotel/ Brehon Hotel and the INEC center, the venue for the historic vote, played host to a post-meeting celebration. They served 2,000 turkey-and-ham dinners in record time, highlighting the positive ripple effects on the local catering sector.“Plated up and served,”
said Johnny McGuire, co-president of the Killarney Chamber of Tourism and Commerce, underscoring the connection between Kerry farmers and the local business community.“It’s an absolutely great deal for Kerry,” he said. “There isn’t much industry arriving and this is a boost for rural Ireland. Santa has come early.”
## Interview: Kerry Co-Op Dairy Deal – A Boon for Rural Ireland?
**Host:** Welcome back to Archyde News.Today, we’re diving into a story that’s making waves throughout rural Ireland. A landmark deal has seen nearly 12,000 Kerry co-op shareholders receive an eye-watering €1.4 billion payout, averaging €120,000 per farmer. Joining us to discuss this “deal of the century” and its potential impact is noel Murphy, national Dairy Chairman of the Irish Creamery Milk Suppliers Association (ICMSA). Noel, welcome to the show.
**Noel Murphy:** Thanks for having me.
**Host:** Let’s start with the basics.Can you explain how this deal came about and what lead to its resounding success?
**Noel Murphy:** Well, Kerry Group, originally a farmer-owned cooperative, had evolved into a multinational food giant. The decision was made to restructure, and that involved selling back the dairy processing assets to the original co-op, now known as Kerry Co-operative Creameries. It was a win-win for both sides. kerry Group could focus on its global operations, and the co-op regained control of a vital part of its heritage, ultimately benefiting the farmers who are at its core.
**Host:** The windfall this deal has generated is staggering. What are your thoughts on how this injection of wealth will impact the Kerry and Munster regions?
**Noel Murphy:** Its a massive boost for the local economy, no doubt. Some farmers will undoubtedly treat themselves, possibly investing in a new tractor or improving their farm infrastructure. Others, and I believe a significant portion, will be more conservative, holding onto their shares in the co-op, which itself is a strong and profitable enterprise. This will ensure continued prosperity for the community as a whole.
**Host:** We’ve heard predictions of a surge in second-hand car sales and even land purchases. Do you see this as a likely scenario?
**Noel Murphy:** I wouldn’t rule anything out! Farmers tend to be practical and invest wisely, so while some indulgences are expected, a strong emphasis on securing the long-term future of their farms through land acquisition and improvements wouldn’t be surprising.
**Host:** Ultimately, how do you see this deal shaping the future of the dairy industry in the region?
**Noel Murphy:** this deal strengthens the position of the Kerry co-op considerably. it allows them to control their own destiny,make strategic investments,and ultimately provide greater returns for its members. I believe it sets a strong precedent for what can be achieved through farmer-led cooperatives working together for mutual benefit.
**Host:** Noel Murphy, National Dairy Chairman of the ICMSA, thank you for sharing your insights on this momentous event.
## Interview: Kerry Co-op Dairy Deal – A boon for Rural ireland?
**Host:** Welcome back to Archyde News. Joining us today is Noel Murphy, national dairy chairman of the Irish Creamery Milk Suppliers association (ICMSA), to discuss the recent Kerry Co-op dairy deal and its impact on the region.Welcome, Noel.
**Noel Murphy:** Thank you for having me.
**Host:** It’s been dubbed “the deal of the century” by some. Can you tell us about the background to this deal and what it means for kerry Co-op shareholders?
**Noel Murphy:** Certainly. Essentially, Kerry Co-op shareholders voted to buy back the dairy processing assets from the Kerry Group. This included milk processing plants, cheese manufacturing facilities, and other related assets.
This resulted in a massive €1.4 billion payout to nearly 12,000 farmers and shareholders. That’s an average of €120,000 per person.
**Host:** An enormous windfall for many families just before Christmas. What are expectations for how this money will be spent?
**Noel murphy:** Naturally, there’s a lot of talk and speculation. We’ve heard everything from purchasing new farm machinery and land to settling debts and investing in local businesses.
It’s crucial to remember that farmers, by nature, tend to be quite conservative with their finances. Many of them view this as a valuable opportunity to strengthen their stake in the Kerry group, which continues to be a strong and profitable company.
**Host:** The deal is seen as a major boost for the Kerry and southwest Munster economies. Could you elaborate on the wider regional impacts?
**Noel Murphy:** There’s no doubt whatsoever, the positive ripple effects will be felt throughout the entire region.
Increased spending on farm equipment and machinery will benefit local suppliers. Those investing in land will **drive up property values.**
Even those who don’t cash in their shares will benefit from increased dividends, injecting more money into the local economy.
**Host:** We’ve heard some farmers comparing their current situation to having crossed the Shannon by ferry but now being able to return by yacht.
Is there a risk of this newfound wealth driving up inflation or affecting the affordability of land and property in the region?
**Noel Murphy:** It’s a valid concern. The ICMSA certainly recognizes the potential for inflation and rising property prices. However,we believe the positive impact on the local economy will outweigh these risks.
Kerry Group founder Denis Brosnan intended this deal to enrich rural people. His vision seems to be coming true, leading to a much-needed financial boost for the heart of Kerry.
**Host:** Thank you for your insights, Noel.
**Noel Murphy:** You’re welcome.
**Host:** That was Noel Murphy, national dairy chairman of the Irish Creamery Milk Suppliers association (ICMSA), discussing the impact of the Kerry Co-op dairy deal. We’ll be back after the break with more on this story.
