Dean Foods said last month that it has launched a voluntary workforce reduction program expected to eliminate 600-700 jobs. While the Dallas-based industry leader says the plan has been in the works for more than a year, it came at the same time as the company announced a reduction in its earnings expectations for the third quarter and full year."Rapidly increasing and record high dairy commodity costs have created a very challenging operating environment and 2007 results have been well short of our expectations," said Gregg Engles, Chairman and CEO. "The third quarter has been particularly challenging as dairy commodity costs have risen sharply, hitting all time highs. This is by far the most difficult operating environment in the history of the company, reinforcing the importance of the long-term strategic initiatives we have underway. These efforts will better position us to face future challenges."
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