Borden (company) Totally Explained

Everything about Borden Company totally explained

Borden, Inc. was an American producer of food and beverage products, consumer products, and industrial products. At one time, the company was the largest U.S. producer of dairy and pasta products. Based in Columbus, Ohio, Borden focused primarily on pasta and pasta sauces, bakery products, snacks, processed cheese, jams and jellies, and ice cream. Its consumer products and industrial segment marketed wallpaper, adhesives, plastics and resins. In 1993, sales of food products accounted for 67 percent of its revenues. It was best known for its Elmer's Glue, Meadow Gold milk, Krazy Glue, and Borden Condensed Milk brands.
After significant financial losses in the early 1990s and a leveraged buy-out in 1995, Borden divested itself of its various divisions, brands and businesses. KKR shuttered Borden's food products operations in 2001, and divested all its other Borden operations in 2005.

Founding

The company was founded by Gail Borden, Jr. in 1857 in Connecticut as "Gail Borden, Jr., and Company." Its primary product was condensed milk. Struggling financially, the company was saved when Jeremiah Milbank, a railroad financier, agreed to invest. The company changed its name in 1858 to the New York Condensed Milk Company. The company prospered during the Civil War by selling condensed milk to Union armies.
Borden began selling processed milk to consumers in 1875, and pioneered the use of glass milk bottles in 1885. Borden began selling evaporated milk in 1892, and expanded into Canada in 1895.

Growth

The company changed its name to the Borden Condensed Milk Company in 1899, and became the Borden Company in 1919. It expanded rapidly, buying numerous dairies, ice cream manufacturers, cheese producers, and mincemeat processors. Taking advantage of its many herds of cattle, the company became involved in rendering and the manufacture of adhesives. In World War II, Borden pioneered the American manufacture of non-dairy creamer, instant coffee and powdered foods.
   Borden became a holding company in 1929, but its operations were re-unified in 1936 and its subsidiaries became divisions. Borden and other dairy companies were investigated in 1938 for violations of the Sherman Antitrust Act, but the charges were dropped after Borden signed a consent decree in 1940.
   In 1997, KKR focused the company solely on its pasta and pasta sauces lines.
   Borden, Inc. sold its final food product line, It's Pasta Anytime, to Kraft Foods in 2001 and shuttered its Foods division.
   In 2004, KKR sold Borden Chemical to Apollo Management, a private equity firm. Borden Chemical was merged with Resolution Performance Products, Resolution Specialty Materials, and the German firm Bakelite AG to form Hexion Specialty Chemicals. With the merger (which settled in 2005), the last vestige of Borden Inc. ceased to exist except as spin-offs and brand names. Hexion retains control over the Elsie the Cow trademark and Borden name.

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