Dean Foods, the leading milk processor and distributor in the United States, will acquire New York-based Friendship Dairies for $130 million, which includes acquisition costs.
Based in Dallas TX, Dean expects to conclude this transaction in second quarter 2007, depending on regulatory approval, and plans to retain Friendship's management staff. Founded 90 years ago by John Schanback, Friendship Dairies operates a production plant in Friendship NY and has its corporate headquarters on Long Island.
According to Dean, operations will continue normally at the plant in Friendship. About 100 farmers in New York and Pennsylvania sell milk to Friendship Dairies. The firm's products include yogurt, cottage cheese, and sour cream, and it sells them in eight states.
With $10.5 billion in annual sales, Dean has 101 manufacturing plants and owns brands including Horizon Organic.
