Stonyfield Farm and Groupe DANONE Form Partnership

Groupe DANONE, a France-based consumer products company, has agreed to acquire an initial 40% holding in Stonyfield Farm, a U.S.-based organic yogurt producer. Under the agreement, the French company will have the opportunity to acquire a majority holding in the company in 2004.

Gary Hirshberg, Stonyfield Farm's current chairman, president, and CEO, will remain in control.

"Through this unique partnership, DANONE will build upon and expand Stonyfield's leadership in the U.S. natural and organic yogurt segment as we provide pivotal assistance in terms of manufacturing, purchasing, logistics and other efficiencies," said Franck Riboud, Groupe DANONE chairman and CEO. "We want Stonyfield to leverage Groupe DANONE's strengths while retaining its own unique culture and management."
"I am especially pleased with DANONE's commitment to our ambitious organic, environmental, and social mission," explained Hirshberg. The Stonyfield/DANONE partnership is an excellent model to enable emerging value-driven firms to gain in strength and stature, while remaining loyal to the growing base of consumers who support organic and natural products."

For more information, contact Stonyfield Farms at 603-437-4040.