"Borden is one of the most recognized brands in the U.S. dairy industry," he said in an organizational announcement. "With the change in the name of our company to Borden Dairy Co., we acknowledge the significance of this brand in the lives of consumers, our associates and our retail partners. Our objective is also to provide a single corporate identity throughout the U.S. and to build a culture around two great brands Borden and LALA.

The transformation of the company will be supported by strategic initiatives that focus on core brands and products that drive profitability, he added. The company has chosen to focus the LBP business unit on the LALA brand, as well as maintain a small number of other targeted brands. It will name a new general manager shortly to lead LBP. This newly focused business unit will be tasked with all functions including manufacturing and distribution of the LALA, La Creme, Frusion and Weight Watchers brands.

After careful consideration, it has decided to discontinue the LALA branded cheese products. "We are investing for the future in this business as well. For example, a significant investment will be made this year at the Omaha production facility in order to align our manufacturing capabilities with our new strategic direction," said McCormick.

To support continued growth, the company has also announced the creation of a Shared Services Center that will be based in Dallas. The objective for shared services is to process transactions in the most efficient and cost-effective way while freeing up business unit finance and support staff to focus on providing decision support to the business unit leadership.