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.
Maggi noodles are yet to return to shelves in India but Nestle has started to pave the way for the brand's comeback with a series of social media ads....
just-food is downing tools for the public holiday in England and Wales on Monday 31 August. We'll be back at our desks on Tuesday 1 September....
Heinz's flagship product has provoked the ire of a competitor in Israel, a story that has attracted headlines in the international mainstream media. But even after making a change to the labels, a bot...
- Challenges for General Mills with The Good Table
- Greek crisis - The impact on shopper behaviour
- What US companies might Nomad Foods buy?
- Why investors are concerned about water risk
- Competition intensifies among UK burger chains
- Mitsubishi buys stake in Olam International
- B&G Foods "front-runner for Green Giant"
- Arla strikes JVs in Nigeria and Senegal
- FrieslandCampina H1 earnings up despite flat sales
- KitKat to go sustainably sourced cocoa only
- Management briefing: just-food’s industry outlook for 2015
- Food Flavourings & Colourings (UK) - Industry Report
- Biscuit Manufacturers (UK) - Industry Report
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- The Coca-Cola Company : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis