One of the Largest Dairy Producers Files for Bankruptcy
Borden Dairy Co., one of America's oldest and largest dairy companies, became the second major milk producer to file for bankruptcy in the last two months. Decreased milk consumption combined with the rising price of milk have crippled the dairy industry with debt. Dean Foods, America's largest milk producer, filed for bankruptcy November 12, 2019.
Borden said it filed for bankruptcy because it cannot afford its debt load and its pension obligations. It has 3,300 employees, 22% of whom are covered by a collective bargaining agreement.