[cgfc] Dean Foods Company to Acquire Horizon Organic

[Molly Stentz]

Hi Co-op members,

Sad but true.. another chapter in the Organic industry consolidation 
mania..

--Molly

Dean Foods to Purchase #1 Organic Milk, Dairy and Juice Brand in the 
United States and #1 Organic Milk Brand in the United Kingdom Dean Foods 
Will Expand Its Portfolio of Branded Products Dean Foods Will Expand Its 
Portfolio of Branded Products Dean Foods' Processing and Distribution 
Capabilities Will Accelerate Future Growth and Extension of Horizon 
Organic Brands

DALLAS and BOULDER, Colo., Jun 30, 2003 /PRNewswire-FirstCall via COMTEX/ 
-- Dean Foods Company (NYSE: DF) and Horizon Organic Holding Corporation 
(Nasdaq: HCOW) announced today the signing of a definitive agreement by 
which Dean Foods will acquire the 87% equity interest in Horizon Organic 
it does not currently own. Dean Foods will purchase the remaining 87% 
interest in Horizon Organic for a cash price of approximately $216 
million, or $24 per share and will assume approximately $40 million in 
debt. The transaction, which was approved by the board of directors of 
both companies, is expected to close during the fourth quarter of 2003. 
The transaction is subject to approval by Horizon Organic's shareholders 
and expiration of the waiting period under the Hart-Scott Rodino Antitrust 
Improvements Act. 

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. In 2002, Horizon Organic 
reported revenues of approximately $187 million, and in April 2003, the 
company announced that it had reached a milestone of $200 million in 
annual sales. 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 and sells 
organic milk, yogurt and butter under the Rachel's Organic brand. 

 


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