Dairy processor Dean Foods says it will accelerate closure of up to 15 percent of its processing facilities as volumes decline, competition increases and profits fall. The Dallas-based company says it will post a loss for the previous quarter and warned of more tough times ahead. Dean stock fell following the announcement.
According to Reuters, Dean Foods lost a major Wal-Mart contract earlier this year, contributing to its woes. Volatile commodity costs and pricing pressures have been contributors as well.
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