Dean Foods Co to consolidate businesses
Aug 4, 2004 11:50 AM, from staff and wire reports
Dean Foods Co plans to consolidate its three branded businesses: White Wave, Horizon Organic, and the Dean National Brand Group. The combined operation will be headquartered in the Boulder CO area and is expected to have 2004 revenue of about $1.1 billion.
Steve Demos, founder and president of White Wave, will serve as president of the newly consolidated company, and will continue to report to Gregg Engles, chairman and chief executive officer of Dean Foods. The consolidation is anticipated to be complete by late 2005.
The consolidated firm’s brand portfolio includes Silk and Sun Soy soy milk, Horizon Organic branded products, International Delight coffee creamers, Hershey’s milks and milkshakes, Land O’Lakes milk and cream products, The Organic Cow of Vermont organic milk, and Rachel’s Organic dairy products sold in the United Kingdom.
Dean Foods also announced that its net income in the second quarter declined 8% to $77.1 million, compared with $83.8 million in the second quarter of 2003.
Net sales for the second quarter totaled $2.8 billion, an increase of 26% over the second quarter of 2003, due to increased selling prices resulting from increases in raw milk costs.
