National cooperative Dairy Farmers of America will buy a
"substantial portion" of Dallas dairy producer Dean Foods, which
filed for Chapter 11 bankruptcy in November, Dairy Farmers of America said
Monday.
Dairy Farmers of America (DFA) is made up of 14,000 family
farmers. The group is set to acquire 44 of Dead Foods' fluid and frozen
facilities, plus other assets necessary to operate them.
The deal will need to be approved at a bankruptcy court
hearing on March 12 and can be finalized on March 31 after any other potential
bidders have furnished information.
"We have had a relationship with DFA over the past 20
years, and we are confident in their ability to succeed in the current market
and serve our customers with the same commitment to quality and service they
have come to expect," Eric Beringause, Chief Executive Officer of Dean
Foods, said in a statement.
--FoxBusiness