Garelick Parent To Buy Belgian Soy Products Co.
Dean Foods Co., the Texas-based parent of Franklin's Garelick Farms, said it has reached an agreement to acquire the soy beverage division of Belgium's largest privately-held food company.
Under the agreement, Dean will buy Vandemoortele NV's Alpro division for about 325 million Euro, about $455 million. The transaction is expected to close during the third quarter. Alpro makes soy-based beverages and food products and had net sales of 260 million Euro in 2008, Dean said. The company has five manufacturing plants and about 750 employees in Europe.
In a statement, Dean executives called Alpro "one of the most strategic assets we could have acquired."
Dean said it would pay for Alpro with funds from a revolving credit facility.
In its most recent fiscal year, Dean reported net income of $183 million on sales of $12 billion.
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