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Borden, a Dallas-based milk and cheese producer founded in 1857, has filed for Chapter 11 bankruptcy protection.
Why it matters: This is the second major U.S. dairy to go bankrupt in the past two months, following market leader Dean Foods, with blame being placed on everything from declining milk consumption to truck driver shortages.
- The private equity angle: Borden was acquired in 2017 by Washington, D.C.-based buyout firm ACON Investments.
The bottom line: "Consumption of fluid milk, which accounts for the vast majority of Borden’s revenue, has been declining for decades, with per capita consumption down about 40% since 1975, according to Agriculture Department data. Meanwhile, dairy alternatives like milks from soy, oats, almonds and other sources have been on the rise," writes the New York Times.
Go deeper: Dean Foods, America's largest milk producer, is 2019's 100th default