Largest US milk producer bankrupt
DEAN Foods, America’s largest milk producer, is filing for bankruptcy.
The 94-year-old company has struggled in recent years because Americans are drinking less cows milk. 2019 has been particularly brutal: the company’s sales tumbled 7 percent in the first half of the year, and profit fell 14 percent. Dean Foods stock has lost 80 percent this year
The company, which produces some of the country’s most recognisable milk and dairy products, including Dairy Pure, Organic Valley and Land O’Lakes milks, has blamed its struggles on the “accelerated decline in the conventional white milk category.”
On Tuesday, Dean Foods filed for Chapter 11 bankruptcy protection to keep the business operating, reorganise its debt and help fund the pensions while it looks to sell the company. — CNN