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Dean Foods Management Discusses Q2 2012 Results - Earnings Call Transcript

Gregg L. Engles

Thank you, Barry, and good morning, everyone. We're glad you could join us on this important day for Dean Foods.

Yesterday afternoon, we announced strong Q2 results driven by continued growth across each of our 3 operating segments. This continued solid performance has provided us the enhanced financial flexibility necessary to initiate the first step towards separating WhiteWave-Alpro from Dean Foods.

We also filed a registration statement to conduct an initial public offering of up to 20% of the WhiteWave Foods Company, which is comprised of our WhiteWave-Alpro segment. For all of the reasons we've discussed in the past, we continue to believe that this is the right move for our shareholders.

WhiteWave-Alpro and the rest of Dean Foods have distinct product portfolios and business dynamics that require different management styles, operating philosophies, capital structures and levels of investment. As such, we believe the separation of WhiteWave-Alpro from Dean Foods is the next logical step in our journey to create value for our shareholders.

As you'll see in the filing, effective with the IPO, I'll become Chairman and CEO of The WhiteWave Foods Company while remaining Chairman of Dean Foods. Blaine McPeak at WhiteWave Foods and Bernard Deryckere at Alpro will continue to report to me. Kelly Haecker, WhiteWave's CFO, will assume the CFO role at the WhiteWave Foods Company, and Roger Theodoredis will be promoted from General Counsel of WhiteWave to the General Counsel role of the new company.

At the time of the IPO, Gregg Tanner, who is currently the President of Fresh Dairy Direct and our Chief Supply Chain Officer, will be promoted to CEO of Dean Foods. Gregg Tanner has over 30 years of food industry experience and his leadership of Fresh Dairy Direct and our supply chain organization over the past 5 years has been instrumental in the strong return to growth that we have experienced in our largest business. Given his extensive industry experience and proven record at Fresh Dairy Direct, the board and I are fully confident that Gregg is well qualified to assume the CEO role and continue to build on the long-term success of Dean Foods.

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