Nation's leading milk producer Dean Foods files for bankruptcy, pursues sale
Dallas-based Dean Foods, the largest dairy producer in America, has filed for Chapter 11 bankruptcy protection as it pursues talks to sell the company.
The company said it was in “advanced discussions” with Dairy Farmers of America about a potential sale of all of Dean Foods’ assets. The Dairy Farmers of America is a co-op of dairy farmers that markets and sells members’ raw milk and other products and represents roughly one fifth of U.S. milk production.
“Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption," Dean Foods President and CEO Eric Beringause said in a statement. "Importantly, we are continuing to provide customers with an uninterrupted supply of high-quality dairy products, as well as supporting our dairy suppliers and other partners.”
The dairy producer’s bankruptcy filing and pursuit of a sale comes after it had stated in September that it would not seek a sale of the company. Dean Foods had been pursuing the possibility since the start of the year.
Read more: https://www.dallasnews.com/business/local-companies/2019/11/12/nations-leading-milk-producer-dean-foods-files-for-bankruptcy-pursues-sale/
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