Dean Foods Committed to Future Growth of #1 Organic Milk, Dairy and Juice Brand in the United States and #1 Organic Milk Brand in the United Kingdom
DALLAS and BOULDER, Colo., Jan 05, 2004 /PRNewswire-FirstCall via Comtex/ -- Dean Foods Company (NYSE: DF) announced today the completion of the acquisition of Horizon Organic Holding Corporation (Nasdaq: HCOW). Dean Foods acquired the 87% equity interest in Horizon Organic it did not already own for approximately $216 million in cash, or $24 per share, and the assumption of approximately $40 million in debt.
Horizon Organic markets the leading brand of certified organic foods in the United States and the leading brand of certified organic milk in both the United States and the United Kingdom. Horizon Organic's product line in the United States includes organic milk, a full line of organic dairy products and organic juices, pudding, fruit jels and eggs. In the U.K., the company markets organic milk, yogurt and butter under the Rachel's Organic brand.
"We are extremely pleased to complete the acquisition of Horizon Organic, the number one organic milk and dairy brand in the country," said Gregg Engles, Chairman and Chief Executive Officer of Dean Foods. "We remain committed to the growth of healthy, better-for-you products and will build upon Horizon Organic's passion and commitment to organic foods."
"We are very excited about closing the transaction and the opportunities ahead for Horizon Organic as a partner with Dean Foods. We look forward to accelerating our growth and strengthening the leadership position and leveraging Dean Foods' substantial processing, distribution and marketing resources," said Chuck Marcy, President and Chief Executive Officer of Horizon Organic. "We are confident that this combination will ensure the future growth and extension of both the Horizon Organic and Rachel's Organic brands."
About Horizon Organic
Horizon Organic Holding Corporation markets the leading brand of certified organic foods in the U.S. and the leading certified brand of organic milk in both the U.S. and the U.K. In the U.S. its products include organic milk, a full-line of organic dairy products, organic eggs and juices. In the U.K., the Company markets organic yogurt, milk and butter under the Rachel's Organic brand. For more information, please visit the Company's web site at www.horizonorganic.com .