Blog: Dean Foods completes sale of Morningstar Foods division

Michelle Russell | 4 January 2013

US dairy giant Dean Foods yesterday (3 January) confirmed the completion of the sale of its Morningstar Foods division to Saputo, a deal valued at US$1.45bn.

The acquisition by Saputo, which had been rumoured in November before being confirmed last month, will realise around $887m in proceeds for Dean Foods, which the company has said it will use to pay down debt and increase its financial flexibility.

The company had said it was considering the sale of the business, a producer of creams and cultured dairy products for foodservice and own-label firms, back in September. The unit was rumoured at the time to have mostly attracted interest from private-equity firms.

The news follows Dean Foods move to spin off part of its WhiteWave-Alpro business, a unit that manufactures brands including Alpro and Silk soy milk. The company had planned to raise up to $320m from the IPO, which was announced in August, but shares slid on their debut on the New York stock exchange in October.


BLOG

Nestle, ConAgra ditch "diet" for "wellness" in frozen food push

As the importance of health has grow in consumers' minds, frozen food has been left out in the cold. But two major manufacturers in the US are looking to heat up the sector by claiming frozen food mea...

BLOG

Danone tight-lipped over Mead Johnson link rumours

Some analysts might be breathing a sigh of relief at news Danone is rejecting speculation it is about to swoop for infant-formula giant Mead Johnson. ...

BLOG

SIAL 2014: New UK food minister pledges action

Liz Truss, the UK's recently-appointed Secretary of State for Environment, Food and Rural Affairs, went on a whistlestop tour of the country's exhibitors at the SIAL trade show in Paris yesterday, bef...

BLOG

SIAL opens in Paris

It is an unseasonably mild and bright morning here in Paris as this year's SIAL expo gets under away. Will the mood of exhibitors match the sunnier weather?...

just-food homepage



Forgot your password?