A bankruptcy court has approved the asset sale of one of the U.S.’s biggest dairy companies, Dean Foods.
Dean got the go-ahead to sell $433 million worth of properties and interests to the Dairy Farmers of America.
The 94-year-old company applied for bankruptcy protection in November of last year.
The company makes some of the country's most recognizable milk and dairy products, including brands Dairy Pure, Organic Valley and LAND O'LAKES, and more locally, Model Dairy.Â
Another major milk producer, Borden Dairy Co., filed for bankruptcy protection in January.
The dairy industry has struggled for decades as consumers increasingly shun milk for juice, soda and an array of non-dairy milk substitutes.
Since 1975, the amount of liquid milk consumed per capita in the U.S. has tumbled more than 40%.
Dean Foods, which named Eric Berigause as its new CEO in July, said its business is operating normally while it reorganizes.
(The Associated Press contributed to this report.)
