Profile: Dean Foods Company (DF)

Dean Foods Company, incorporated in 1994, is a food and beverage company. The Company operates in two segments: DSD Dairy and WhiteWave-Morningstar. The DSD Dairy segment is a processor and distributor of milk and other dairy products in the country, with products sold under more than 50 familiar local and regional brands, and an array of private labels. The WhiteWave-Morningstar segment markets and sells a variety of nationally branded dairy and dairy-related products, such as Silk soymilk and cultured soy products, Horizon Organic milk and other dairy products, International Delight coffee creamers, LAND O’LAKES creamers and fluid dairy products, and Rachel’s Organic dairy products. Additionally, WhiteWave-Morningstar markets and sells private label cultured and extended shelf life dairy products. In January 2008, it formed a joint venture with Hero Group (Hero), producer of international fruit and infant nutrition brands. In July 2009, the Company completed the acquisition of the Alpro division of Vandemoortele N.V. Alpro offers the European branded soy-based beverage and food products. In July 2009, the Company completed the acquisition of the Alpro division of Vandemoortele N.V. Alpro offers the European-branded soy-based beverage and food products.

DSD Dairy

DSD Dairy manufactures, markets and distributes a variety of branded and private label dairy case products, including milk, creamers, ice cream, juices and teas, to retailers, distributors, foodservice outlets, educational institutions and governmental entities across the United States. During the year ended December 31, 2008, DSD Dairy’s net sales accounted for 78.7% of its consolidated net sales. As of December 331, 2008, DSD Dairy operated 83 manufacturing facilities in 34 states. DSD Dairy delivers the majority of its products directly to its customers’ locations in refrigerated trucks or trailers that it owns or leases. This form of delivery is called a direct store delivery (DSD) system. In addition to its DSD channel, approximately 11% of DSD Dairy’s products are distributed through customer warehouse systems.

WhiteWave-Morningstar

WhiteWave-Morningstar consists of two aggregated platforms: WhiteWave and Morningstar. The WhiteWave platform (WhiteWave) manufactures, develops, markets and sells a variety of nationally branded soy, dairy and dairy-related products. The Morningstar platform (Morningstar) is a manufacturer of private label cultured and extended shelf life dairy products, such as ice cream mix, sour and whipped cream, yogurt and cottage cheese. During 2008, WhiteWave-Morningstar’s net sales accounted for 21.3% of its consolidated net sales.

WhiteWave-Morningstar sells its products to a variety of customers, including grocery stores, club stores, natural foods stores, mass merchandisers, convenience stores, drug stores and foodservice outlets. WhiteWave-Morningstar sells its products through its internal sales force and through independent brokers. Wal-Mart, which includes subsidiaries, such as Sam’s Club, accounted for approximately 14% of WhiteWave-Morningstar’s net sales, during 2008. WhiteWave-Morningstar operates 20 manufacturing facilities, which produced over 90% of products sold by the segment. The remaining products are manufactured by third-party manufacturers under processing agreements. The majority of WhiteWave-Morningstar’s products are delivered through warehouse delivery systems.