Dean Foods Acquiring Horizon Organic

DALLAS & BOULDER, Colo.--Dean Foods Co. signed an agreement with Horizon Organic Holding Corp. to acquire the outstanding interest in Horizon that Dean does not currently hold. Dean will pay approximately $216 million for the remaining 87 percent of Horizon, and will assume approximately $40 million in debt. The transaction is expected to close during the fourth quarter of 2003.

"We are extremely pleased to add the No. 1 organic milk and dairy brand to our portfolio of branded products," said Gregg Engles, chairman and chief executive officer (CEO) of Dean Foods. The company is one of the largest dairy and specialty food products suppliers, and holds several natural products brands, including Morningstar Foods and White Wave.

Chuck Marcy, Horizon's president and CEO, will continue to head up Horizon's operations from the current location in Boulder, Colo. In the announcement of the acquisition, Marcy said Dean Foods' extensive refrigerated distribution system should support continued growth of Horizon's dairy and juice products. In April 2003, Horizon (www.horizonorganic.com) announced it hit $200 million in sales over the previous 12 months.