Dean Foods (DF) to Acquire Alpro Division of Vandemoortele N.V.
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Dean Foods Company (NYSE: DF) announced its agreement to acquire the Alpro division of Vandemoortele N.V., Belgium's largest privately-held food company. The transaction's price is approximately euro 325 million. It is expected to be completed in the third quarter.
With its Alpro® soya and Provamel® brands, Alpro is the European leader in branded soy-based beverage and food products with net sales of approximately euro 260 million in 2008. Alpro has five manufacturing sites in Belgium, the United Kingdom, France and the Netherlands, and employs approximately 750 people.
"We think this is a great deal that establishes Dean Foods as a clear global leader in the attractive soy beverages and related products category, with over $1 billion in combined annual retail sales," said Gregg Engles, Dean Foods Chairman and CEO. "This is one of the most strategic assets we could have acquired. We see significant opportunities to leverage the collective strengths of both businesses across a global soy platform to accelerate growth."
Alpro CEO Bernard Deryckere will report to Joe Scalzo, CEO and President of Dean Foods' WhiteWave-Morningstar division. Alpro will be run as a separate European business.[SM]
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