Schreiber Foods has entered into a purchase agreement to acquire Dean Foods' customer-brand yogurt business. The acquisition is expected to close in the first quarter of 2011.
In announcing the acquisition, Mike Haddad, Schreiber's president and chief executive officer, said in a prepared statement, "We're thrilled about this opportunity to expand our rapidly growing yogurt business. Yogurt is a dynamic and exciting category that will play an integral role in Schreiber's mission to be the world's leading customer-brand dairy company. We're deep into many strategic initiatives aimed at advancing our yogurt capabilities, and this acquisition will enable us to create additional value for our customers by offering a coast-to-coast network of yogurt production and distribution facilities."
The proposed acquisition includes production facilities in Fullerton, Calif., and Richland Center, Wis., as well as yogurt production assets from Dean Foods' facility in Friendship, N.Y. Further details of the transaction were not disclosed.