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Dallas, Texas-based Dean Foods said Tuesday that it planned to spin off its WhiteWave Foods division with an IPO scheduled for the New York Stock Exchange by the end of the year.
That would leave the dairy processor’s private label Morningstar Farms line in the Fresh Dairy Direct division that would comprise Dean Foods in the future. Greg Tanner, the president of the Fresh Dairy Direct division, which is the company’s biggest by sales, will be promoted to CEO of Dean Foods after the split.
Current Dean Foods CEO Gregg Engles will become the CEO of WhiteWave Foods after 18 years leading Dean Foods. WhiteWave registered a $300 million preliminary prospectus with the Securities and Exchange Commission for the IPO.
WhiteWave contains the company’s Horizon Organic dairy products, its Silk brand soymilk, International Delights flavored coffee creamers and Land O’Lakes creamers.