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Dairy Crest Reaches Agreement...

Dairy Crest Reaches Agreement Over Milk Price Investigation

01 Dec 2007
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Under this agreement Dairy Crest expects to pay a significantly reduced fine of £9.4 million provided that it continues to cooperate fully with the OFT's investigation.

This amount will be treated as an exceptional item in the year ending 31 March 2008.

UK dairy giant Dairy Crest has announced that, in common with a number of other processors and retailers, it has reached an early resolution agreement with the Office of Fair Trading (OFT) concerning its investigation into the 'milk price initiatives' of 2002 and 2003. Under this agreement Dairy Crest expects to pay a significantly reduced fine of £9.4 million provided that it continues to cooperate fully with the OFT's investigation. This amount will be treated as an exceptional item in the year ending 31 March 2008.

The OFT investigation relates to a period five years ago when the farming community was facing extreme difficulties following the Foot and Mouth outbreak in 2001. The milk price initiatives in 2002 and 2003 were aimed at supporting farmers through this difficult period by returning higher prices to them for their milk. The implementation of these initiatives was very well publicised at the time and received widespread support including strong political backing.
 
Dairy Crest said it is pleased to have reached an agreement with the OFT that removes uncertainty on this matter and allows the company to move forward. In addition Dairy Crest has taken action to reinforce its ongoing competition law compliance programme.
 
Source: Nutrition Horizon
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