WhiteWave, on the other hand, is valued in the IPO at just 8.4 times its projected 2012 earnings.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

Healthy sales in the WhiteWave-Alpro segment and cost containment efforts benefited the quarter.

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Dean Foods is one of the major U.S. food and beverage companies, with its WhiteWave division the leading maker of soymilk and organic milk.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

Apart from soymilk and other organic products, WhiteWave also produces such dairy-related items as International Delight coffee creamers and other fluid dairy products.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

Dean Foods expects WhiteWave, which generated 16% of its total sales in 2011, to widen its operations and expand sales and earnings as an independent company.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

Farha Aslam, analyst at investment firm Stephens, says WhiteWave would command a multiple higher than its peers, which trade at about 14 to 15 times their 2012 earnings.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

As analyst Farah Aslam of Stephens points out, the value of the WhiteWave after its IPO will be more than that of its current rivals in the business.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

Dean Foods would own 20% of the independent WhiteWave Foods and distribute, tax-free, the rest of its 80% holdings to its own shareholders no later than 180 days after the IPO.

FORBES: Major U.S. Dairy Processor Grabs Wall Street's Attention With Planned IPO Of Milk Unit

And stock in organic-milk maker WhiteWave Foods Co.

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