WhiteWave Foods Co., a unit of Dean Foods Co., said it expects its initial public offering of 20 million shares will price between $14 and $16 a share.
In August, Dean had revealed it would spin off WhiteWave, its fast-growing unit that sells Horizon Organic dairy products and Silk soy milk. The Dallas-based company had registered a $300 million preliminary prospectus with the Securities and Exchange Commission.
Dean Foods had suggested for some years that it could eventually spin off the WhiteWave division in order to unlock the value of that business. Dean Foods's chairman and chief executive, Gregg Engles, will become chairman and CEO of the new WhiteWave Foods. He will step down as CEO of Dean Foods after about 18 years in that role, but remain chairman.
Gregg Tanner, president of Dean's fresh dairy direct division, the company's biggest unit by sales, will be promoted to CEO of Dean Foods.
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