Developed by Gail Borden in 1856, this delicious thick concentrate is made by evaporating 60 percent of the water in whole milk and adding 44 to 45 percent sugar to act as a preservative. In an unopened can, it can be stored in a cool dry place for up to 15 months. (If stored for long periods near heat, the milk may be thick and caramel colored, but the cooking quality will not be affected. Simply stir it briskly before pouring.) After opening, store condensed milk covered in its original container in the refrigerator for up to 10 days.