Dean Foods To Buy Vandemoortele's Alpro For $456M

DALLAS (AP) — Dean Foods Co. said Monday that it will buy Belgium-based Vandemoortele N.V.'s Alpro unit for about 325 million euros ($455.7 million).

The dairy processor plans to finance the deal with its existing revolving credit agreement.

Alpro makes branded soy-based beverage and food products, which include its Alpro soya and Provamel brands. The unit, with approximately 750 employees, has five plants in Belgium, the U.K., France and the Netherlands.

Alpro will continue to operate as a separate European business. It had 2008 sales of about 260 million euros ($364.5 million).

Alpro Chief Executive Bernard Deryckere will report to Joe Scalzo, CEO and president of Dean Foods' WhiteWave-Morningstar unit.

The acquisition is expected to modestly add to Dean Foods' 2009 earnings. The deal is set to close in the third quarter.