Dallas-based Dean Foods Co. chairman and
chief executive officer Gregg Engles saw his compensation drop nearly half
in 2004, according to a proxy statement filed in April by the Securities
and Exchange Commission (SEC). Engles reportedly received $4.4 million in
2004 compared to $8.2 million in 2003. The 2004 package for Engles, who
engineered Dean into the nation’s largest dairy processor, included a
stock award valued at $3.1 million but no annual bonus. In 2003, his
compensation included stock valued at nearly $6 million and a $1.1 million
bonus. The SEC says the bonus was not awarded because the company did not
hit its earnings-per-share objective. For 2005, Dean’s board of
directors bumped Engles’ base salary to $1.07 million, his first
raise since 2002. In other company news, Dean has agreed to pay the former
president of its WhiteWave Foods division more than $3 million for lost pay and
canceled stock options. Steve Demos, who founded the Colorado-based company
and later sued to keep Dean from taking it over, was slated to head the
company’s expanding branded foods division. In March, Dean announced
that Demos was leaving “to pursue other interests.”
Madison, Wis.-based Schoep’s Ice Cream, has
opened a new $7 million, 23,000-square-foot freezer facility as part of its
strategy, the company reports, to remain a regional favorite. The
independently owned company has also expanded its product line with Kidz
Korner, a line of ice creams that features such flavors as cotton candy;
and Schoep’s new Badger Tracks ice cream.
This spring, Johnstown,
N.Y., will be home to a new $27 million yogurt production and distribution
facility built by Greek dairy company Fage
Dairy Industry S.A. The company will be
eligible for various tax credits, discounted utility rates and nearly
$700,000 in state grants. The facility is expected to employ 60 people.
In April, U.S. dairy
industry leaders joined with representatives of several agricultural
organizations to voice support for the proposed Free Trade Agreement with
Central America and the Dominican Republic, which Congress is expected to
vote on later this year. The high-profile event in Washington featured
Secretary of Agriculture Mike Johanns, along with Charles Beckendorf,
chairman of the National Milk Producers
Federation (NMPF) and Jerry Kozak,
president and chief executive officer of NMPF.
Wallington, N.J.-based Farmland Dairies LLC, has
emerged from bankruptcy following the collapse of scandal-ridden former
The company reports it has reorganized around its fresh milk and dairy
products business in the Northeast and national aseptic milk products
business based in Grand Rapids, Mich. Its Wallington location is the
largest HACCP-certified fluid milk plant in the United States.
Roberts Dairy Co. has announced that it will end milk processing at its
51-year-old Des Moines, Iowa, plant. The plant will be sold but the company
will establish a distribution center in the Des Moines area. The changes
will eliminate about half of the 115 jobs at the plant. Workers will be
offered jobs at the company’s plants in Kansas City, Mo.; Iowa City,
Iowa; or Omaha, Neb.
Fairmount Food Group LLC has acquired Mayville, Wis.-based DCI Cheese Co. This is the first
such acquisition for the Dallas-based investment firm and its equity
sponsor, GTCR Golder Rauner LLC.
The state of New Mexico
has awarded Southwest Cheese, Clovis, N.M., a grant of more than $700,000 to help fund nearly
80 jobs at its cheese processing plant. The facility, scheduled to be
completed in October, is expected to employ 220 people and produce more
than 250 million pounds of cheese and 16.5 million pounds of value-added
whey proteins annually. Southwest Cheese is a joint venture of Glanbia Foods Inc., Dairy Farmers of America, Select Milk Producers Inc. and
other dairy cooperative members of the Greater
Southwest Agency Inc.
The fast-growing U.S.
organic milk industry has an enviable problem
of having more demand than product, the Dallas
Morning News reports. Demand began rising
last summer and increased significantly in the winter. Some projected
shortages of organic milk could appear again early next year as producers
work hard to increase supplies.