A pasteurization/homogenization arrangement with regeneration brings raw milk or other liquid food product up to a few degrees below a UHT pasteurizing temperature. The product is denaturized at 175.degree. F. so that proteins do not deposit out. The product proceeds through a product-product regenerative heat exchanger where it emerges at about 260.degree.. Here a homogenizer serves a timing pump and avoids the need for an additional pump or flow meter for the UHT stage. The homogenized product proceeds to a water-product heater to heat the product to 280.degree. F. The temperature differential at any reference point in the heater and the regenerative heat exchanger is below 20.degree., and the ratio of rate of water flow to product flow in the heater is below about 3:1. More efficient homogenization is achieved than at the conventional temperature (175.degree. F.).

 
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