Dean Foods Announces Alliance With White Wave Soyfoods; Becomes Minority Shareholder in White Wave, Inc

Business Wire, August 23, 1999

FRANKLIN PARK, Ill. and BOULDER, Colo.--(BUSINESS WIRE)--Aug. 23, 1999--

Howard M. Dean, Chairman and Chief Executive Officer of Dean Foods Company (NYSE: DF), the country's number-one dairy processor and distributor, and Steve Demos, President and Founder of White Wave, Inc., America's number-one soyfoods company, jointly announced today Dean Foods will become a minority shareholder in White Wave, Inc., a privately held company. This alliance will support White Wave's new product development and marketing initiatives to reach new audiences. White Wave has annual sales of approximately $21 million. Its product line includes the successful Silk(TM) organic soymilk line, the first nationally distributed fresh, refrigerated soymilk sold in the dairy case.

Mr. Dean remarked: "Through this collaboration, we are investing in the future of soyfoods in America. As Dean Foods has been an innovator in the dairy market, White Wave is a leader in the innovation and integration of soyfoods into the American diet. We look forward to supporting White Wave as it expands its reach in both the natural products and mainstream market place."

Steve Demos stated that: "Dean Foods has shown vision in supporting organics and soy, realizes the current and future value of the natural foods market and has embraced the concept of promoting complementary proteins - dairy and soy - thus giving the American consumers more options. It's a great fit."

White Wave, Inc., based in Boulder, Colorado, was founded in 1977. One of the largest producers of tofu and the largest producer of tempeh in North America, White Wave's line of products includes: Organic Silk(TM) Soymilk, Silk(TM) Soy Yogurt, Silk(TM) Soymilk Creamer, Organic Tofu, Organic Tempeh, and Baked Tofu. With the interest in soyfoods skyrocketing due to recent reports in the press touting soy's potential ability to reduce cholesterol and osteoporosis while fighting cancer and heart disease, not to mention the expected news in October from the FDA endorsing soy protein as a cholesterol-reducing food, White Wave is riding a wave of popularity. Annual sales are up over 30% in each of the last five years, while some products such as the company's Silk(TM) Soymilk line have seen over 100% growth in each of the last three years. For more information, see the White Wave website at www.whitewave.com.

Dean Foods is the nation's leading dairy processor and distributor, producing a full line of branded and private label products, including fluid milk, cottage cheese and ice cream sold under the Dean's and other regional brand names. Dean dips and Marie's refrigerated salad dressing are the leading brand names in their respective categories, while Dean Foods is also the leader in private label pickles and non-dairy coffee creamers. For more information, see the Dean Foods website at www.deanfoods.com.