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A milk truck pulls away from the Garelick Farms manufacturing plant in Lynn, Massachusetts. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

America's largest milk producer, Dean Foods, is set to file for bankruptcy, CNN reports.

The big picture: The company has struggled to stay alive as U.S. demand for cow milk has dropped, in part due to a growing preference for non-dairy substitutes such as almond or soy milk. The company's stock fell 80% this year, having lost 7% in sales during the first half of 2019. Profits also plummeted by 14%.

  • The company produces Land O'Lakes milks, Dairy Pure and Organic Valley products.
  • Dean Foods is filing for a Chapter 11 bankruptcy to help reorganize its debts, which include workers' pensions.
  • The international market for milk alternatives is expected to surpass $18 billion this year, CNN notes.

What to watch: According to a company statement, Dean Foods is looking to sell and is in talks with the Dairy Farmers of America for a potential deal.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
8 mins ago - Technology

Israel's new PM Naftali Bennett made his name as a millionaire tech founder

Photo illustration: Annelise Capossela/Axios. Photo: Menahem Kahana/AFP via Getty Images

Naftali Bennett yesterday became prime minister of Israel, succeeding Benjamin Netanyahu, after his power-sharing government survived a vote of confidence.

Why it matters: Bennett becomes Israel's first new prime minister since 2009, and he takes office as Netanyahu stands trial for corruption.

54 mins ago - World

Biden at NATO summit: Collective defense is a "sacred obligation"

President Joe Biden is greeted by NATO Secretary General Jens Stoltenberg at the NATO summit. Photo: Patrick Semansky/POOL/AFP via Getty Images

President Biden reaffirmed the United States' commitment to NATO during a sit-down with Secretary General Jens Stoltenberg, the president's first meeting of NATO's 2021 summit in Brussels.

Why it matters: Biden has used his first international trip as president to reassure allies of his administration's commitment to multilateralism and to NATO's Article 5, which stipulates that the entire alliance will respond to an attack on any member nation.

Climate reality collides with rhetoric at the G7 summit

Illustration: Annelise Capossela/Axios

Leaders of the G7 agreed to a sweeping new agenda over the weekend. But while the communique they issued is lofty in goals, it lacks crucial details on climate.

Why it matters: The G7's paucity of specifics on climate finance and domestic coal consumption, in particular, calls into question the ability of the wealthiest nations to take sufficient action on global warming.