I’m told Lakeland’s management, led by Michael Hanley, have informed the co-op board that they will take a round of pay cuts as the COVID-19 crisis deepens.

Global dairy markets are in turmoil with food service, in particular, bearing the brunt of the COVID-19 fallout.

Airlines and restaurants

Lakeland has a large food service division which services companies such as McDonald’s, as well as a host of airlines and restaurants that are not operating.

The Dealer understands the largest part of Lakeland’s business, food ingredients, is performing OK in the face of challenging conditions.

The Dealer contacted Lakeland but was told such matters are private and reserved for management and the board. Lakeland will set a milk price today (Thursday) for March milk.