Dean Foods, America's biggest milk producer, filed for Chapter 11 bankruptcy protection Tuesday. Following the surge in popularity of milk alternatives in recent years, the company's sales have plummeted.
The Dallas-based company is responsible for some of the country's most recognizable brands, including DairyPure, Friendly's and Land O'Lakes. It said in a press release that it plans to use the bankruptcy process to continue running its business, address debt, and pay currently unfunded pensions to its employees.
The 94-year-old company also announced that it plans to look for a buyer. It is in talks with Dairy Farmers of America, Inc., a national milk marketing cooperative owned by thousands of farmers, regarding a potential sale.
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Watch them sell to China.
ReplyDeleteThat won’t happen. Very few Chinese actually drink milk. Drinking milk is a white people thing, since unless you’re white you’re more than likely lactose intolerant. I think it’s 75%-95% if you’re black or asian that you’re lactose intolerant compared to 15-25% if your white.
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ReplyDeleteUdder failure!
The industry has struggled since 1977 when Jimmy Carter instituted subsidies for exporters of dairy products. Remember government cheese?
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