A bankruptcy court has approved the asset sale of one of the U.S.’s biggest dairy companies, Dean Foods. Dean was given the go-ahead to sell $433 million worth of properties and interests to the Dairy Farmers of America. The sale of the 94-year-old company is expected to be completed by the end of the year after it filed for bankruptcy protection last year.
COCA-COLA, -0.35% is in the midst of a massive restructuring that will see the company sell off its bottling operations and other assets in an effort to reduce its debt load.
In the process, the beverage giant will be selling off some of its most valuable assets, including its iconic brands, such as Diet Coke, Sprite and Fanta, as well as its distribution network.
It’s unclear how much of these assets will actually be sold, but it’s safe to assume that the majority of them will go to pay down debt, according to The Wall Street Journal.
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Does DFA own Dean Foods?
DFA acquired the assets, rights, interests, and properties relating to 44 of Dean Foods fluid and frozen facilities after a US bankruptcy court in Texas approved the sale of Dean Foods plants to DFA for $433 million – just five months after the company filed for Chapter 11 bankruptcy protection. Foods is the largest frozen food company in the United States, with more than 1,000 stores across the U.S., Canada and Mexico.
Is Dean Foods the same as Dairy Farmers of America?
Monday that it has agreed to buy Dean Foods, America’s largest milk producer, for $425 million. As part of the deal to acquire 44 of the company’s facilities, as well as a portion of its assets, the dairy co-operative will assume Dean’s liabilities as well.
The deal is expected to close in the second half of 2017. Dean will continue to operate its dairy farms in Iowa, Minnesota and Wisconsin, but will consolidate its operations into a single facility in Des Moines, Iowa.
Why did Dean Foods fail?
A number of factors led to Dean Foods’ decline, including dropping fluid milk consumption, rising competition from private label and milk alternatives, and a complex company history with M&A gone wrong. Foods was once the largest milk producer in the U.S., but in recent years it has been losing market share to private-label brands. The company’s stock price has fallen more than 40 percent since the beginning of the year.
Did Walmart buy Dean Foods?
Things did not stay the same last year. Walmart is building a milk plant in Indiana. All ties with Dean Foods were cut. Foods, which is owned by Wal-Mart Stores Inc., said in a statement that it was “disappointed” by Walmart’s decision to close the plant. The company said it would continue to work with Walmart to find a new buyer for the milk.
Is Dean’s Foods going out of business?
May 2020, the Bankruptcy Court approved and Dean Foods closed on the sale of substantially all of their assets and operations pursuant to section 363 of the Bankruptcy Code in seven sales to six third-party purchasers for aggregate gross proceeds of approximately $1.1 billion.
In addition, in May 2017, Dean announced that they had entered into a definitive agreement to sell their remaining assets to a third party for an aggregate purchase price of $2.5 billion, subject to customary closing conditions. The sale is expected to close in the second quarter of 2018.
In connection with this transaction, we will continue to operate as a wholly-owned subsidiary of Dean.
Did Prairie Farms Buy Dean Foods?
Plants, 2020 – | Welcome to Prairie Farms| Welcome. Inc. is pleased to announce that it has acquired the Dean Food Company, a global leader in the production and marketing of high-quality, fresh, natural and organic foods. The company will continue to operate as a wholly owned subsidiary under the Prairie Foods name. “We look forward to working with the new management team and to continuing to serve our valued customers.”
The acquisition is expected to be completed by the end of the first quarter of 2020. Prairie is a leading producer and distributor of organic and natural foods in North America, with more than 1,000 stores and distribution centers across the U.S., Canada and Mexico. For more information, please visit www.prairiefarms.com or follow us on Facebook, Twitter, Instagram, Pinterest, Google+ and YouTube.
Why did Dean’s dairy close?
The decline in fluid milk consumption and the rise of non-dairy milk alternatives were cited as reasons for the decline in sales when Dean filed for Chapter 11 last year. “The dairy industry has been in decline for a number of years, and we’ve seen a lot of changes in the marketplace,” said Dean.