Borden is the second giant U.S. dairy company to seek bankruptcy protection as raw milk prices and sales of milk alternatives continue to soar.
in November. Borden and Dean products made up a little more than one-eighth of all U.S. milk sales last year, according to industry data.
Unlike Dean, which said it intended to sell itself, Borden said it would seek to reorganize its finances to stay in business."Borden Dairy is a heritage American brand that has been in business since 1857," Chief Executive Tony Sarsam said in a statement."We have a very tenured workforce of 3,300 people who live and breathe our values of teamwork and creative problem solving, and I am extremely confident and optimistic about ourBut the U.S.
Borden said that the price of raw milk has risen 27 percent in the past year and that it's expected to keep rising, partly because more than 2,700 dairy farms have gone out of business since mid-2018. At the same time, dairy sales have fallen"in conjunction with the rise of oat, nut, soy, and other alternative 'milk' products," which are eating away at both sales of whole milk and its shelf space in stores, Jason Monaco, Borden's chief financial officer, said in an affidavit attached to the bankruptcy filing.
Borden has been known to generations of Americans since it introduced Elsie the Cow on its labels in 1936 — many of them on cartons of milk distributed with public school lunches.
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