EXHIBIT 99.1
[GRAPHIC]
NEWS RELEASE
CONTACTS:
Suiza Foods Dean Foods
Cory Olson Barbara Klein
(214) 303-3645 (847) 233-5263
P.I. Aquino William Luegers
(214) 303-3437 (847) 233-5361
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SUIZA FOODS AND DEAN FOODS COMPLETE MERGER
Combination Creates Dairy Processing and Distribution Leader
Servicing Over 150,000 Customers Coast-to-Coast Via More Than 6,000 DSD Routes
Merged Company Will Be Named Dean Foods Company (NYSE: DF) and
Will Have Annual Revenues of Approximately $10 Billion
DALLAS and FRANKLIN PARK, Ill., December 21, 2001 - Suiza Foods
Corporation (NYSE: SZA) and Dean Foods Company (NYSE: DF) today completed their
merger that was announced on April 5, 2001. The combined company, to be called
Dean Foods, will have approximately $10 billion in annual revenues and will be
the nation's leading processor and distributor of fresh milk and other dairy
products and a leader in the specialty foods industry. With operations in 39
states, the combined company will have a total of 129 plants and will service
more than 150,000 customers coast-to-coast via a direct-store-delivery system of
more than 6,000 routes. Dean Foods will be headquartered in Dallas, and the
combined company will trade as DF on the New York Stock Exchange effective
Monday, December 24, 2001. The company's fiscal year end will be December 31.
"We are extremely pleased to have completed the merger, and we will be
intently focused on integrating the companies in 2002, bringing together our
complementary operations quickly and delivering on the promise of this merger
for our customers, shareholders and employees," said Gregg Engles, Dean Foods
Chief Executive Officer. "We are committed to providing our customers with the
best possible products and services, our shareholders with enhanced value and
our employees with greater growth opportunities."
"The merger is an important step in our company's history," said Howard
Dean, Chairman of the Board of Dean Foods. "We are very excited about the
prospects for the combined company, and I am grateful to all of the individuals
who have helped make this combination a reality."
Upon closing, legacy Dean Foods shareholders will receive $21.00 in
cash and 0.429 shares of the new Dean Foods Company for each share owned.
In connection with the merger, the company repurchased its 33.8% stake
in Suiza Dairy Group that was owned by Dairy Farmers of America, Inc. (DFA) for
approximately $145 million in cash, the ownership of 11 plants and a $40 million
contingent note. As a result of this transaction, all of Dean Foods' dairy
operations are now 100% owned by the company's shareholders.
Simultaneously with the closing, the merged company replaced former
credit facilities and closed and funded a new credit facility with borrowing
capacity of up to $2.7 billion, approximately $1.9 billion of which was borrowed
at closing. An $800 million revolver remained undrawn and will be used for
general corporate purposes and future acquisitions.
A conference call to discuss the merger and the new company's outlook
for 2002 will be held at 10:00 a.m. EST on Thursday, January 10, 2002.
Interested parties may listen to the live webcast by visiting the company
website at www.deanfoods.com and clicking on "Webcasts."
ABOUT DEAN FOODS:
Dean Foods Company is the nation's leading processor and distributor of
fresh milk and other dairy products, and a leader in the specialty foods
industry. The company produces a full line of company-branded and private label
dairy products such as milk and milk-based beverages, ice cream, coffee
creamers, half and half, whipping cream, whipped toppings, sour cream, cottage
cheese, yogurt, dips, dressings and soy milk. The company is also a leading
supplier of pickles and other specialty food products, juice, juice drinks and
water, and has holdings in the consumer goods packaging industry. The company
operates 129 plants in 39 U.S. states and 3 countries, and employs more than
30,000 people.
(Transaction Fact Sheet to follow)
# # #
[DEAN FOODS LOGO]
TRANSACTION FACT SHEET
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<Caption>
SUIZA DEAN COMBINED
----- ---- --------
Corporate Identity Suiza Foods Corporation Dean Foods Company DEAN FOODS COMPANY
Headquarters Dallas, TX Franklin Park, IL DALLAS, TX
Number of U.S. States 31 24 39
Number of Operations 81 domestic, 3 International 55 domestic; 1 International 129(1)
U.S. DSD Routes 4,000 2,200 6,000+
Employees 18,000 14,000 30,000+
Officers Gregg Engles, Chairman & CEO Howard M. Dean, Chairman & CEO HOWARD DEAN, CHAIRMAN
GREGG ENGLES, CEO
Fiscal Year End December 31 Last Sunday of May DECEMBER 31
Sales $6,045M(2) $4,542M(2) APPROX. $10 B(1)
Diluted Shares Outstanding 36.6M 36.6M 52.3M
Stock Exchange Listing NYSE: SZA NYSE: DF NYSE: DF
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(1) Adjusted for divestiture of 11 facilities to National Dairy Holdings (NDH)
as part of the transaction
(2) Last twelve months ended September 30, 2001 for Suiza and last twelve
months ended November 25, 2001 for Dean
<Table>
<Caption>
DEAN FOODS COMPANY
Divisions Brands
--------- ------
DAIRY GROUP kidsmilk and fitmilk(R), Adohr Farms(R),
Branded and private label fresh, flavored, Alta Dena(R), Barbe's(R), Barber's(R),
single serve and extended shelf life fluid Bell/Gandy's(TM), Berkeley Farms(TM),
milk, organic milk, ice cream and novelties, Brown's Dairy(TM), Broughton(R), Country
sour cream, cottage cheese, dips and yogurt, Charm(R), Country Fresh(R), Creamland(TM),
half-and-half, coffee creamers, juice drinks Dairy Gold(R), Dairy Ease(R), Dean's(R),
and bottled water Fieldcrest(R), Flav-O-Rich(R),
Gandy's(TM), Garelick Farms(R), Lehigh
Valley Farms(R), London's(R),
Maplehurst(R), Mayfield(R), Meadow
Gold(R), McArthur(R), Meadowbrook(TM),
Milk Chug(R), Model Dairy(R), Oak
Farms(R), Poudre Valley(R), Price's(TM),
Purity(TM), Reiter(TM), Robinson(R),
Schenkel's All Star Dairy(TM), Schepps(R),
Shenandoah's Pride(R), Louis Trauth
Dairy(R), T.G.Lee(R), Tuscan(R),
Verifine(R), Wengert's(R) and West Lynn
Creamery(R). Licensed products include
Borden(R), Land O'Lakes(R) and NesQuik(TM).
<Caption>
Divisions Brands
--------- ------
INTERNATIONAL AND PUERTO RICO Suiza Dairy(R) in Puerto Rico
Branded and value-added UHT milk Celta(R) in Spain
MORNINGSTAR AND Dairy Pure(R), Dean Foods Ultra(R), Dean
NATIONAL REFRIGERATED PRODUCTS Dips, Dips for One(TM), Easy 2%(R),
Branded value-added and private label IMO(R), International Delight(R),
extended shelf life flavored and single Marie's(R), Mocha Mix(R), Naturally
serve milk, soymilk, lactose-free milk, Yours(R), Rod's(R), Second Nature(R) and
sour cream, cottage cheese, dips, yogurt, Sun Soy(R). Licensed products include
egg substitute, half-and-half, coffee Grip'n Go(R), Hershey's(R) and Folgers(R)
creamers, aerosol and pre-whip topping Jakada(TM).
SPECIALTY FOODS GROUP Private label pickles and regional brands
Pickles, non-dairy coffee creamers, including Arnold's(R), Atkins(R), Aunt
puddings and sauces Jane's(R), Bennetts(R), Cates(R), Dailey(R),
Heifetz(R), Nalley's(TM), Paramount(R), Peter
Piper's(R), Rainbo(R), Roddenbery's(R),
Schwartz's(R) and Steinfeld's(TM).
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