This is doomed....no one would buy this for even 209 million
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Yeah that seems to be latest game plan. Make up fake news.
Rumors on some of the investor boards that they're weighing an offer for part of the business. What part and who making the offer not mentioned in the rumors and investors typically don't know jack about Dean Foods or the dairy business, so maybe just a rumor to try and drive up share price a bit.
I work at Dean Foods Le Mars. That is correct. We used to have an awesome manager from Sioux Falls then the new CEO took over and ran so much stuff down his throat that he quit. Same can be said about employees. From 2014-current this place has lost some really great guys who busted their butts for them.
Now. This place is burning to the ground to the point morale is shot and they can’t get anyone that’s skilled or talented in the door. Just a bunch of temps and bums from Sioux City who are barely qualified to even work at McDonalds.
LOL @ $209 million.
True cost when you figure in debt, needed capital expeditures, paying ELT for their parachutes, assuming all the legal problems, conversion to more diversified product lines, etc. is probably more like $2 billion+.
"We're not for sale" = corporate weasel speak for "we've been unable to find anyone dumb enough to buy".
Only questions now are how long they can continue to operate without showing a profit and what new BS they'll come up with for the next earnings call-the "we have a plan but can't tell you what it is" message from the last 2 calls hasn't worked so well.
Cmon now... Dean Foods Le Mars has been bragged about being the “cream of the crop” and most profitable plant making Deans money. You would think that plant would be the most attractive to a buyer?
But, what no one knows is they flushed out the really good, skilled labor who made the excellent wages in favor of temps who are lazy and can’t read.
Oh it's for sale alright...this is what we witnessed earlier this year when the stock took another tumble. However, as we saw, no one is foolish enough to buy it at any price. They have let the facilities go so far down the drain, too much capital is needed for upgrades to meet regulatory and safety standards at a majority of the plants. This is common knowledge throughout the industry, as due to collapse, all outside services are the same - think Ecolab, can see the damage and they are not shy about talking about it in the right competitive or even casual environments. If the public could see inside some facilities, they would be outraged. When I go to the store for dairy, I make damn sure the product I buy does not have one of their plant codes!
"Responsibility to the shareholder" takes priority over safety and quality let alone production, housekeeping or regulatory standards with these greedy crooks! And we all know who the majority shareholders are! LOL!
The prior regime was foolish enough to think that the now fake Deans moniker was something that could sell, even for a dime on the dollar. When EVERYONE passed, then Ralphie skedaddled, because he can see that the deal he just got, far surpassed staying on and trying to wring more cash for himself- it would be impossible. Sad, he makes millions failing in his post in a few years, making more that real dairymen in the "supply chain" that worked for decades not making a fraction of that amount and they were good at their jobs!
It's also apparent to anyone that knows the dairy business, that Dean Foods is about to go belly up. Probably even the clueless mo–ns in the Dallas Palace even know it now.
Manufacturing entities will just step in and absorb the customer base for nothing. Just as Walmart did, build their own facility and make their own superior private label products as a loss leader.
Deans is through. Can't wait to see that Main headquarters go on the auction block though. I'm gonna toast to that event for sure!