The No. 1 US dairy processor and distributor, Suiza Foods Corp., will buy rival Dean Foods for about $1.5 billion in cash and stock, the companies announced. Suiza also will assume $1 billion of Franklin Park, Ill.-based Dean's debt. Suiza, based in Dallas, said the deal would form a dairy- and specialty-foods company with $10 billion in annual revenue. It will be called Dean Foods, but its headquarters will be in the Texas city.
Among major employers announcing layoffs:
* Supervalu Inc. said it will cut 4,500 jobs and close at least four stores and distribution facilities nationwide. The food wholesaler and retailer, based in Eden Prairie, Minn., recently lost its Kmart distribution business.
* Auto-parts supplier Visteon Corp. plans to cut 1,800 jobs worldwide, the company said. Visteon, based in Detroit, blamed a slowdown in auto sales that has led to production cutbacks. Ford, Visteon's largest customer, will pare second-quarter North American production by 7 percent.
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