America’s Largest Milk Producer Files For Bankruptcy
DEAN FOODS MAKES SOME OF THE COUNTRY'S MOST RECOGNIZABLE MILK AND DAIRY PRODUCTS, INCLUDING DAIRY PURE, ORGANIC VALLEY AND LAND O'LAKES
(CNN) – America’s largest milk producer is filing for bankruptcy.
Dean Foods filed for Chapter 11 bankruptcy protection on Tuesday; in an effort to keep the 94-year-old company operating.
The filing will also allow it to reorganize its debt and help fund workers’ pensions.
The company makes some of the country’s most recognizable milk and dairy products, including brands Dairy Pure, Organic Valley and Land O’Lakes.
Dean Foods has struggled recently because Americans are drinking less cows milk.
Company profit fell 14% in the first half of this year.
Dean Foods released a statement saying it is working with the Dairy Farmers of America cooperative on a potential deal, in which the cooperative would buy most of the company.