Borden Dairy Co., one of America's oldest and largest dairy companies, became the second major milk producer to file for bankruptcy in the last two months.
Tumbling milk consumption combined with the rising price of milk have crippled the dairy industry with debt.
The company's founder, Gail Borden, developed the first successful commercial method of condensing milk in 1856.
By 1930, Borden had bought more than 200 other US dairy companies. In 1936, "Elsie the Cow" became the company's advertising mascot.
The company went on another acquisition binge, buying 23 companies for $442.6 million in 1987 alone. But by the early 1990s it began to run into financial problems and in 1995 it was purchased by private equity firm Kohlberg Kravis Roberts & Co. for $2 billion and taken private. It sold off many of the other business, leaving mostly just the dairy business.
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