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Second Dairy Giant Files for Bankruptcy as Milk Sales Fall

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Borden's CEO said the rising cost of raw milk, the dwindling number of dairy drinkers in the U.S. and the popularity of almond and soy substitutes have contributed to an unsustainable debt.

TRACI RORK: ‘One of America’s oldest and most recognized dairy producers, Borden Dairy, announced it is filing for bankruptcy, making it the second dairy dynasty to do so in as many months as consumption of milk continues to decline… Milk consumption has dropped 6% in the U.S. since 2015 and 40% since 1975, according to U.S. Department of Agriculture data.

Borden’s announcement on Sunday comes after the country’s leading milk producer, Dean Foods, filed for Chapter 11 bankruptcy in November and announced plans to sell the company. Both dairies are based out of Dallas, Texas… The company reported $1.2 billion in net sales in 2018, but saw a net loss of $42.4 million in 2019…

Borden Dairy CEO Tony Sarsam told employees and stakeholders… that the rising cost of raw milk, the dwindling number of dairy drinkers in the U.S. and the popularity of almond and soy substitutes as hurdles that have contributed to an unsustainable debt, which will be strategically handled and reorganized during the court-supervised process’.  SOURCE…

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