Dean Foods Completes Sale Of Morningstar Foods Division To Saputo Inc.

    Dean Foods Completes Sale Of Morningstar Foods Division To Saputo Inc.

PR Newswire

DALLAS, Jan. 3, 2013

DALLAS, Jan. 3, 2013 /PRNewswire/ -- Dean Foods Company (NYSE: DF) today
announced thecompletion of the previously announced sale of its Morningstar
Foods division to Saputo Inc. (TSX: SAP) for US$1.45 billion.

As a result of this transaction, Dean Foods expects to realize approximately
US$887 million in proceeds, net of taxes and expenses. The Company plans to
use all net proceeds toward fully retiring its remaining senior secured term
debt, significantly lowering its leverage and increasing its financial

Dean Foods also completed the previously announced transaction with The
WhiteWave Foods Company (NYSE: WWAV), a controlled subsidiary of the Company,
whereby WhiteWave received $60 million net of taxes as consideration for the
termination of an option to purchase plant capacity and property at a
Morningstar facility and the sale to Morningstar of certain manufacturing
equipment located at another Morningstar plant.

Morningstar Foods is a leading manufacturer of dairy and non-dairy extended
shelf-life ("ESL") and cultured products, including creams and creamers, ice
cream mixes, whipping cream, aerosol whipped toppings, iced coffee, half and
half, value-added milks, sour cream and cottage cheese. The transaction
includes the operations of Morningstar Foods including approximately 2,000
employees and 10 manufacturing facilities in 9 states.

Dean Foods is a leading food and beverage company in the United States. The
Company's Fresh Dairy Direct segment is the nation's largest processor and
direct-to-store distributor of fluid milk marketed under more than 50 local
and regional dairy brands and private labels. Fresh Dairy Direct also
distributes ice cream, cultured products, juices, teas, bottled water and
other products. Morningstar Foods is a leading warehouse delivery dairy
business that produces and sells traditional and specialty dairy items,
including cultured dairy products, ice cream mixes, coffee creamers, aerosol
whipped toppings, traditional and value-added milks, and blended iced
beverages to retailers and foodservice providers nationwide. Dean Foods also
holds a majority interest in The WhiteWave Foods Company, which produces and
sells an array of nationally and internationally branded plant-based foods and
beverages, coffee creamers and beverages, and premium dairy products.
WhiteWave brands - including Silk®, Horizon Organic®, International Delight®,
and LAND O LAKES® - are category leaders and consumer favorites. Alpro is the
pan-European leader in branded soy food and beverage products with the Alpro®
soya and Provamel® brands. For more information about Dean Foods, visit

Some of the statements in this press release are "forward-looking" and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements include
statements relating to, among other things, the expected use of net proceeds
from the sale of Morningstar Foods, anticipated leverage ratios and expected
financial performance. These statements involve risks and uncertainties that
may cause results to differ materially from the statements set forth in this
press release, many of which are beyond the Company's control and which are
described in the Company's filings with the Securities and Exchange
Commission. The forward-looking statements in this press release speak only as
of the date of this release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any changes in
the events, conditions or circumstances on which any such statement is based.

CONTACT: Corporate Communications, Jamaison Schuler, +1-214-721-7766; or
Investor Relations, Barry Sievert, +1-214-303-3438

SOURCE Dean Foods Company

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