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m Disambiguating links to Private (link changed to Privately held company) using DisamAssist.
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=== Bankruptcy: moving forward ===
=== Bankruptcy: moving forward ===
On January 5, 2020, Borden Dairy Company and sixteen affiliated companies filed [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] in the [[United States District Court for the District of Delaware]]<ref>{{Cite web|last=Biscotti|first=Louis|title=Why Borden Dairy’s Bankruptcy Filing Might Be A Glass-Half-Full Scenario|url=https://www.forbes.com/sites/louisbiscotti/2020/01/08/borden-heads-into-bankruptcy-charts-new-course/|access-date=2020-12-04|website=Forbes|language=en}}</ref> "citing declining sales".<ref name=":0">{{Cite news|date=2020-01-29|title=If You Drink Milk, Thank Big Government|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/opinion/articles/2020-01-29/borden-dairy-bankruptcy-filing-is-reminder-of-its-big-milk-role|access-date=2020-12-04}}</ref> In his affidavit, Jason Monaco, the company's CFO, mentions that the company intends to reorganize and not liquidate its operations. He describes a difficult environment for milk producers that includes decreasing demand for milk, increased competition with non-dairy alternatives,<ref>{{Cite news|date=2020-01-06|title=Borden Becomes Second Big U.S. Milk Producer to File for Bankruptcy|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2020-01-06/borden-becomes-second-u-s-milk-producer-to-file-for-bankruptcy|access-date=2020-12-04}}</ref> the growth of discount grocery retailers, and the growth of private label alternatives.<ref>{{cite web|url=https://www.msn.com/en-us/money/companies/borden-becomes-second-big-us-milk-producer-to-file-for-bankruptcy/ar-BBYEvp7|title=Borden becomes second big US milk producer to file for bankruptcy|publisher=[[MSN.com]]|accessdate=2020-05-10}}</ref>
On January 5, 2020, Borden Dairy Company and sixteen affiliated companies filed [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] in the [[United States District Court for the District of Delaware]]<ref>{{Cite web|last=Biscotti|first=Louis|title=Why Borden Dairy’s Bankruptcy Filing Might Be A Glass-Half-Full Scenario|url=https://www.forbes.com/sites/louisbiscotti/2020/01/08/borden-heads-into-bankruptcy-charts-new-course/|access-date=2020-12-04|website=Forbes|language=en}}</ref> "citing declining sales".<ref name=":0">{{Cite news|date=2020-01-29|title=If You Drink Milk, Thank Big Government|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/opinion/articles/2020-01-29/borden-dairy-bankruptcy-filing-is-reminder-of-its-big-milk-role|access-date=2020-12-04}}</ref> In his affidavit, Jason Monaco, the company's CFO, mentions that the company intends to reorganize and not liquidate its operations. He describes a difficult environment for milk producers that includes decreasing demand for milk, increased competition with non-dairy alternatives,<ref>{{Cite news|date=2020-01-06|title=Borden Becomes Second Big U.S. Milk Producer to File for Bankruptcy|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2020-01-06/borden-becomes-second-u-s-milk-producer-to-file-for-bankruptcy|access-date=2020-12-04}}</ref> the growth of discount grocery retailers, and the growth of private label alternatives.<ref name="Semuels">{{cite news |url=https://www.yahoo.com/finance/news/milk-long-staple-american-life-110240608.html |title=Milk Has Long Been a Staple of American Life. But Now, the Dairy Industry Is in Trouble |work=[[Time magazine|Time]] |first1=Alana |last1=Semuels|date=January 9, 2020}}</ref>


In June 2020, it was announced that "New Dairy Opco LLC" had won the auction for most of the Borden's assets, becaming company's new owner. New Dairy Opco was leaded by a team composed of the former head of [[Dean Foods]], Gregg Engles, and [[Kohlberg Kravis Roberts]] (KKR). At the time of the bankruptcy, Borden employeed 3,300 workers. Prior to that, the company had thought to merge with Dean Foods, which had fallen into bankruptcy as well. Nevertheless, the deal did not carry on Dean' assets were acquired by major company [[Dairy Farmers of America]].<ref name=wis>[https://www.wisfarmer.com/story/news/2020/06/17/kkr-former-dean-foods-ceo-win-bid-buy-ailing-borden-dairy-company/3208076001/ KKR, former Dean Foods CEO win bid to buy Borden Dairy Co. in bankruptcy court] by Colleen Kottke at the Wisconsin State Farmer, 17 Jun 2020</ref>
In June 2020, it was announced that "New Dairy Opco LLC" had won the auction for most of the Borden's assets, becaming company's new owner. New Dairy Opco was leaded by a team composed of the former head of [[Dean Foods]], Gregg Engles, and [[Kohlberg Kravis Roberts]] (KKR). At the time of the bankruptcy, Borden employeed 3,300 workers. Prior to that, the company had thought to merge with Dean Foods, which had fallen into bankruptcy as well. Nevertheless, the deal did not carry on Dean' assets were acquired by major company [[Dairy Farmers of America]].<ref name=wis>[https://www.wisfarmer.com/story/news/2020/06/17/kkr-former-dean-foods-ceo-win-bid-buy-ailing-borden-dairy-company/3208076001/ KKR, former Dean Foods CEO win bid to buy Borden Dairy Co. in bankruptcy court] by Colleen Kottke at the Wisconsin State Farmer, 17 Jun 2020</ref>

Revision as of 03:05, 21 August 2021

This article is about the company established in 2009. For the original company, see Borden (company).

Borden Dairy Company
Company typePrivate[1]
IndustryFood
PredecessorBorden
Founded2009; 15 years ago (2009)[2]
Headquarters
Dallas, Texas
,
United States
Key people
Tony Sarsam (CEO)[3]
ProductsMilk, cream, buttermilk, dips, sour cream, cottage cheese, juices, tea, eggnog
BrandsBorden [4]
RevenueUS$ 1.2 billion [5]
OwnerCapitol Peak Partners
KKR[6]
Number of employees
3,300 (2020 [3])
Websitebordendairy.com

Borden Dairy Company is an American dairy processor and distributor headquartered in Dallas, Texas.[7] Established in 2009,[2] the company is a successor to the original Borden Company established in 1857 by Gail Borden.[8] The company is a former subsidiary of Dean Foods.[1]

On January 5, 2020, Borden Dairy Company filed for bankruptcy. "Despite our numerous achievements during the past 18 months, the company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry," said CEO Tony Sarsam in a statement. Borden's filing says the company plans to stay in business during the bankruptcy process.[9]

History

Background

Main article: Borden (company)

Current Borden Co.

National Dairy was formed in 2001 when a group of investors led by Dairy Farmers of America bought Crowley Foods and Marigold Foods (later renamed Kemps).[10] Later that year, National Dairy acquired 11 plants divested by Suiza Foods as part of its merger with Dean Foods.[11] National Dairy acquired Alabama's Dairy Fresh and Colorado's Sinton Dairy in 2003.[12][13] HP Hood acquired Crowley and Kemps from National Dairy in 2004.[14]

In 2009, Grupo Lala of Mexico acquired National Dairy from DFA.[2][15] Also in 2009, Lala acquired Farmland Dairies.[16]

In 2010, National Dairy sold Utah's Cream O' Weber to Darigold.[17]

In 2011, Laguna Dairy, consisting of Lala's U.S. operations, was separated from Lala in preparation for an IPO.[18]

In 2013, Borden was spun-off and became a subsidiary of a private company called Laguna Dairy, S.A. de C.V.[19] In 2017, ACON Investments became the majority owner of the Borden dairy business.[20] Following the equity recapitalization, Laguna Dairy remains a substantial equity holder in Borden.

Tony Sarsam was named chief executive officer of Borden Dairy Company in February 2018.[21]

Borden Milk Products' items are available in the following U.S. states: Alabama, Arkansas, Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, Missouri, Ohio, Tennessee and Texas.[22] The Borden Milk Products has been around for over 150 years, and is known for its processing and distribution of dairy products produced in regionally located facilities. In Ohio, Borden also goes under the Dairymens label.[23]

Bankruptcy: moving forward

On January 5, 2020, Borden Dairy Company and sixteen affiliated companies filed Chapter 11 bankruptcy in the United States District Court for the District of Delaware[24] "citing declining sales".[8] In his affidavit, Jason Monaco, the company's CFO, mentions that the company intends to reorganize and not liquidate its operations. He describes a difficult environment for milk producers that includes decreasing demand for milk, increased competition with non-dairy alternatives,[25] the growth of discount grocery retailers, and the growth of private label alternatives.[26]

In June 2020, it was announced that "New Dairy Opco LLC" had won the auction for most of the Borden's assets, becaming company's new owner. New Dairy Opco was leaded by a team composed of the former head of Dean Foods, Gregg Engles, and Kohlberg Kravis Roberts (KKR). At the time of the bankruptcy, Borden employeed 3,300 workers. Prior to that, the company had thought to merge with Dean Foods, which had fallen into bankruptcy as well. Nevertheless, the deal did not carry on Dean' assets were acquired by major company Dairy Farmers of America.[3]

Elsie the Cow

Elsie the Cow" advertising sign at a Borden's Dairy plant in Tyler, Texas, pictured in 2014

Elsie the Cow is Borden Dairy Company's spokescow that is used for the label on the products. Elsie was first introduced in 1936, appearing as one of four cartoon cows (with Mrs. Blossom, Bessie and Clara) in a series of advertisements that ran in medical journals.[27] Elsie was created by a team that was led by advertising marketer David William Reid.[28] In 1940, Reid also created for Elsie a fictional cartoon mate, Elmer the Bull, who was lent to Borden's then-chemical division as the mascot for Elmer's Glue. The pair was given calves Beulah and Beauregard in 1948, and twins Larabee and Lobelia in 1957.[29]

In 2000, Advertising Age recognized Elsie the Cow as one of the top 10 advertising icons of all time.[30]

Milk Products, LLC licenses the Borden name and Elsie the Cow trademark from Borden, Inc.'s successor company, Hexion Specialty Chemicals.[31]

Advertising

Selena Gomez was a spokesperson for Borden Milk and is featured in the campaign's print and television ads. When she was the spokesperson, she was also the star of the show Wizards of Waverly Place.[32]

Products

Borden produces and sells the following products of milk:

  • Vitamin D
  • 2% Reduced Fat
  • 1% Lowfat
  • Fat Free Skim
  • Dutch Chocolate[33]
  • Dutch Chocolate 1%
  • Lite Line
  • High Protein[34]

Borden produces and sells additional products in the following categories:[35]

  • Milk
  • Cream
  • Buttermilk
  • Dips & Sour Cream
  • Juices
  • Teas
  • Flavored Drinks

Distribution

Borden products can be located in the states of Alabama, Colorado, Florida, Louisiana, Mississippi, Missouri, Oklahoma, South Carolina, Texas, Tennessee and Ohio. Within these states, these products are sold in the stores and marts that mainly include Cain's, Calhoun Foods, Food World, Fresh Market, Greer's, Kmart, Kroger, Magnolia Super Foods, Pic-N-Sav, Piggly Wiggly, Marcs, Aldi, CVS, Dave's Supermarkets, Publix Supermarkets, Rainbow Foods, Rite Aid, Walgreens, Walmart and Winn Dixie.[36]

As of May 2021, Borden Dairy operated 14 plants in the Midwest, Southern, and Southeastern regions of the U.S. and nearly 100 distribution centers.[6]

See also

References

  1. ^ a b Borden Dairy Is “Oklahoma Proud”– Milk Becomes State’s Official Beverage, 11 Nov 2002
  2. ^ a b c History on Borden website
  3. ^ a b c KKR, former Dean Foods CEO win bid to buy Borden Dairy Co. in bankruptcy court by Colleen Kottke at the Wisconsin State Farmer, 17 Jun 2020
  4. ^ Borden Dairy bankrupcy on Bloomberg.com
  5. ^ Hoopfer, Evan (June 20, 2018). "This $1.2B Dallas company is ready to emerge from a 'deep sleep,' new CEO says". www.bizjournals.com. Retrieved April 27, 2020.
  6. ^ a b sale of former Dean Foods plants completed on Morning AgClips, 25 May 2021
  7. ^ Chris Isidore. "One of America's oldest and largest milk producers files for bankruptcy". CNN. Retrieved December 4, 2020.
  8. ^ a b "If You Drink Milk, Thank Big Government". Bloomberg.com. January 29, 2020. Retrieved December 4, 2020.
  9. ^ Isidore, Chris. "One of America's oldest and largest milk producers files for bankruptcy". CNN. Retrieved January 6, 2020.
  10. ^ "Marigold Foods, Crowley Foods sold | Dairy Herd Management". Retrieved July 22, 2018.
  11. ^ "Dean Foods - Suiza Foods and Dean Foods Complete Merger". Retrieved July 22, 2018.
  12. ^ Amy, Jeff. "Dairy Fresh to close Prichard, Ala., milk plant". AL.com. Retrieved July 22, 2018.
  13. ^ "National Dairy Buys Sinton". Retrieved July 22, 2018.
  14. ^ "HP Hood Acquires Crowley and Kemps". Retrieved July 22, 2018.
  15. ^ "GRUPO LALA Purchases National Dairy from DFA | Dairy Farmers of America". Retrieved July 22, 2018.
  16. ^ "Lala acquires Farmland Dairies". Retrieved July 22, 2018.
  17. ^ "Cream O' Weber sold to Darigold Inc., financial terms not disclosed | Local News Story | Real Estate News Utah". Retrieved July 22, 2018.
  18. ^ "Got IPO? Mexican dairy looks to go public". Financial Times. September 23, 2013. Retrieved July 22, 2018.
  19. ^ "Investment firm acquires Borden Dairy". Retrieved December 3, 2018.
  20. ^ dairyreporter.com. "Borden Dairy taken over by ACON investment company". dairyreporter.com. Retrieved July 22, 2018.
  21. ^ "Tony Sarsam to lead Borden Dairy". Retrieved December 3, 2018.
  22. ^ "Borden Dairy: Where To Buy". bordendairy.com. 2012. Retrieved May 20, 2012.
  23. ^ "ABOUT BORDEN DAIRY COMPANY" (PDF). Borden Dairy Press Kit. Archived from the original (PDF) on August 1, 2014. Retrieved June 2, 2013.
  24. ^ Biscotti, Louis. "Why Borden Dairy's Bankruptcy Filing Might Be A Glass-Half-Full Scenario". Forbes. Retrieved December 4, 2020.
  25. ^ "Borden Becomes Second Big U.S. Milk Producer to File for Bankruptcy". Bloomberg.com. January 6, 2020. Retrieved December 4, 2020.
  26. ^ Semuels, Alana (January 9, 2020). "Milk Has Long Been a Staple of American Life. But Now, the Dairy Industry Is in Trouble". Time.
  27. ^ "Elsie". Retrieved December 3, 2018.
  28. ^ "David Reid -- creator of Elsie the Cow". SFGate. December 19, 2003. Retrieved December 3, 2018.
  29. ^ "History - Borden Dairy". Borden Dairy. Retrieved December 3, 2018.
  30. ^ "About Elsie the Cow" (PDF). Borden Dairy Press Kit. Archived from the original (PDF) on August 1, 2014. Retrieved June 2, 2013.
  31. ^ "Elsie Borden." Trademark Nos. 77034096; 77104776; 76591578; 3271334. United States Patent and Trademark Office. July 31, 2007.
  32. ^ "Borden Gives the Dairy Case a Fresh Look". BLOOMBERG. Retrieved June 2, 2013.
  33. ^ Sullivan, Karla Sullivan (December 26, 2019). "The best chocolate drinks". Karla Sullivan. Lifetime Chicago. Retrieved May 6, 2021. (Photo) If Mom bought Bordens Dutch Chocolate, it was usually for a special occasion. Real cocoa that was poured right from the carton and is still sold today.
  34. ^ "Pour Your Kid a Smile". Borden Dairy. Retrieved June 2, 2013.
  35. ^ "Products - Borden Dairy". Borden Dairy. Retrieved December 3, 2018.
  36. ^ "WHERE TO BUY". Borden Dairy. Retrieved June 2, 2013.
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