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.
The BBC turned to just-food today for insight on the price dispute between Tesco and Unilever....
Just weeks after buying UK turkey processor Bernard Matthews from administration, food tycoon Ranjit Boparan has struck a similar deal....
Shares in Tyson Foods slumped on Friday, closing down almost 9% after an analyst claimed a lawsuit facing the company could hit the US meat titan....
- Analysis: Tyson's shrewd investment in Beyond Meat
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- Interview: Some Foods on rise of low-FODMAP market
- Thailand: convenience to continue to thrive
- Bel takes majority stake in MOM Group
- Mars launches Maltesers in the US
- Nestle lowers outlook on "softer environment"
- Unilever in continuing price spat with Musgrave
- China milk powder arrests prompt Fonterra "review"
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review