Borden, the dairy producer founded a century and a half ago, has filed for Chapter 11 bankruptcy protection, the latest victim of an industry battered by declining prices, rising costs and changing tastes.

The company, which is based in Dallas and reported $1.18 billion in sales in 2018, has been trying to adjust to those unfavorable trends but was hampered by debt, Borden’s chief executive, Tony Sarsam, said on Monday.

“The biggest cause, if you dial it back, is a circumstance where we have debt that is inappropriately sized for the company,” he said.

Executives at Borden, which employs 3,300 people, had been trying to renegotiate its debt agreements for months, Mr. Sarsam said, but filed for bankruptcy on Sunday after talks with lenders fell through.