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U.K.-based Northern Foods PLC originally had four divisions:
Dairy, Convenience, Meat, and Grocery. In the Dairy division were
the six dairy-related companies in its holdings: One sold milk
products to supermarkets; one handled delivery and distribution;
one sold milk at small outlets; another sold dairy products exclu-
sively in Ireland; and yet another sold milk by-products such as
curds and whey to food manufacturers. The sixth company,
Express Dairies, offered doorstep delivery of dairy products
throughout the U.K.
But in 1998, when Northern Foods PLC demerged the Dairy di
vi-
sion into a separate PLC—the largest demerger the food indus-
try had seen ...