Dean Foods Acquiring Horizon OrganicDean Foods Acquiring Horizon Organic
June 30, 2003
DALLAS & BOULDER, Colo.--Dean Foods Co. signed an agreement with Horizon Organic Holding Corp. to acquire the outstanding interest in Horizon that Dean does not currently hold. Dean will pay approximately $216 million for the remaining 87 percent of Horizon, and will assume approximately $40 million in debt. The transaction is expected to close during the fourth quarter of 2003.
"We are extremely pleased to add the No. 1 organic milk and dairy brand to our portfolio of branded products," said Gregg Engles, chairman and chief executive officer (CEO) of Dean Foods. The company is one of the largest dairy and specialty food products suppliers, and holds several natural products brands, including Morningstar Foods and White Wave.
Chuck Marcy, Horizon's president and CEO, will continue to head up Horizon's operations from the current location in Boulder, Colo. In the announcement of the acquisition, Marcy said Dean Foods' extensive refrigerated distribution system should support continued growth of Horizon's dairy and juice products. In April 2003, Horizon (www.horizonorganic.com) announced it hit $200 million in sales over the previous 12 months.
You May Also Like
Sep 28, 2023
Innovation in stress and sleep management: Holixer™– white paperSep 22, 2023
Cognitive health growth comes out on top: A range of solutions for diverse needs continue to emerge and win – product development guideSep 25, 2023
LifeVantage proxy fight heats up as revenues coolSep 28, 2023
The ashwagandha root production process: Where tradition meets science – article part threeSep 21, 2023