Tuesday, October 27, 2020

America’s largest dairy company filed for bankruptcy

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Robert Frank
Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

With the consumption of dairy substitutes, cattle dairy companies have begun to face real financial difficulties, the latest being the largest dairy producer in the United States, Dean Foods.

Dean Foods has filed for bankruptcy, having suffered in recent years amid a decline in regular dairy sales, according to a CNN report.

Sales of the 97-year-old company fell 7 percent in the first half of the year, while profit fell 14 percent, and the company’s shares lost 80 percent of their value.

The company, which used to produce the most famous cow dairy products in the United States, attributed the deterioration to the accelerated decline in consumption of traditional dairy products.

The company was so heavily indebted that it was unable to pay its workers’ pensions. It filed for bankruptcy on Tuesday to run its business, organize debts and help pay salaries while trying to sell the company.

Consumption of dairy cows in the United States has declined dramatically in recent years as consumers buy vegetable substitutes for dairy products and those with the lowest sugar content.

Cow’s milk production has declined over the past four years. In the last 52 weeks (as of October 26), regular dairy sales fell by about $12 billion, while sales in the same period in 2015 were about $15 billion.

Robert Frank
Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.
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