Turner Dairy Farms in Penn Hills, long known for its milk and iced tea, isn’t satisfied with just sticking to tradition.

Take its limited-run chocolate marshmallow milk, for instance, or hard iced tea collaboration with Pittsburgh Brewing Co.

This evolution is part of why Turner’s recently was named the Business of the Year by the University of Pittsburgh’s Office of Innovation and Entrepreneurship.

“Many family businesses tend to fail in the third generation,” said Bob Stein, associate vice chancellor for innovation and entrepreneurship at Pitt. “Turner’s third and fourth generations, however, are ambitiously expanding their offerings while keeping their customers, partners and community at the forefront of all they do.”

The company, founded in 1930, employs about 215 people at its offices, plant and distribution center along Jefferson Road.

Turner’s isn’t just innovating its products, according to Steve Turner, vice president of sales and marketing for the company. A new cleaning system at its plant will save 500,000 gallons of water a month once it’s operational next year.

The award doesn’t come with a cash prize, so it’s mostly about bragging rights.

Turner is thrilled, nonetheless.

“It’s a great honor to receive this recognition,” he said. “It reaffirms our mission to serve our neighbors through the best-tasting beverages.”

Previous award recipients include Eat’n Park and 84 Lumber.