Two of the most recognized names in milk and dairy have recently declared bankruptcy: Dean Foods declared bankruptcy back in November, and Borden Dairy, one of the oldest milk processors in America, just recently did the same.
The rising cost of raw milk and a drop in consumer demand have been cited as reasons for both companies to take this drastic action. Borden will remain in business while it goes through its bankruptcy proceedings, which is a bit of good news for the 3,300 employees of the company that is based in Dallas, Texas.
Milk News: Borden Dairy Is Second Big Producer to Go Bankrupt – @business @BordenDairy @PNCBank #dairyfree #bankruptcy #MILK https://t.co/cN54cI5KXg
— Sociallama (@sociallama) January 7, 2020
Tony Sarsam, the CEO of Borden, said, “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. These challenges have contributed to making our current level of debt unsustainable.”
The U.S. Department of Agriculture says that Americans drank 18.4% less milk from 2008 to 2018. At the same time, there has been a dramatic increase in sales in nut and plant-based milk. It may seem hard to imagine, but in 2019 alone, 2,700 dairy farms went out of business. There’s no denying that the entire American dairy industry is struggling mightily.
Borden was founded all the way back in 1857. It was the first company to use glass bottles for milk and was also the first company that developed a patent for condensing milk.
The times sure do seem to be changing, don’t they?
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