Borden Dairy Co., one of America's oldest and largest dairy companies, on Monday became the second major milk producer to file for bankruptcy in the last two months.
Tumbling 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.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.
But Borden said in a statement it intends to use the bankruptcy process to shed debt and position itself for"long-term success."The company said it had net sales of $1.2 billion in 2018, but that resulted in a net loss of $14.6 million. From January 2019 through December 7, Borden reported a net loss of $42.4 million, according to its bankruptcy filing.
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