Tuesday, January 18, 2022

Chobani plans to go public

Chobani is planning to go public with shares trading on the Nasdaq stock exchange.

Chobani was founded in 2005 by Hamdi Ulukaya who immigrated from Turkey where his family was dairy farming. 


He started in a small facility in upper New York State and grew it to a major dairy processing business with $1.4 billion in sales in 2020.


Infighting among members of Canada’s supply management and dairy industry scuttled Ulukaya’s plans to open his second facility in the Kingston area. Instead he built in Idaho.


After migrating to the United States in 1994, Ulukaya noticed the lack of Greek-style yogurt. He was not a fan of American-style yogurt. Chobani’s first yogurt sales occurred in 2007.


Now Greek yogurt has captured half of the North American market and Chobani is the leader.