Business

Another major US dairy, Borden, seeks bankruptcy protection


American refrigerators are increasingly stocked with juice, soda and milk substitutes made from soy or almonds.


The remaining farms can command higher prices, but that pinches Borden, which can’t charge consumers more because of pressure from big competitors like Walmart.


“Despite our numerous achievements during the past 18 months, the company continues to be impacted by the rising cost of raw milk and market challenges facing the dairy industry,” said Borden CEO Tony Sarsam in a prepared statement late Sunday.


Borden tried to revive sales last year by relaunching its iconic mascot Elsie, the smiling cow that first appeared on milk cartons in the 1930s.


It also released new products like gingerbread-flavored eggnog and Kid Builder, a children’s milk with higher levels of protein and calcium designed to compete with Fairlife, a trendy milk brand made by Coca-Cola Co. Borden said sales rose, but not enough to offset broader trends in the industry.


Late last month, a Texas federal bankruptcy court allowed Dean to access $850 million in debtor-in-possession financing.






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