Dean Foods, the largest U.S. milk company, is not going to seek a sale, preferring to give its new CEO a chance to turn the company around.
Dean’s board announced Sept. 6 that after a review of strategic alternatives, it has decided to continue to operate independently. The company has been beset by increased competition, especially from plant-based milk alternatives. It posted a loss of $260 million last year. Its stock has dropped 95% since the end of 2016 and now stands at about $1.14.
Dean hired Eric Beringause, former CEO of Gehl Foods, as its CEO in July. Beringause said Sept. 6 that the company will concentrate on cutting costs and increasing productivity.