A federal bankruptcy court in Texas on April 4 approved Dean Foods’ sale of substantially all of its assets.
Dairy Farmers of America is lined up to buy 44 of the milk processor’s fluid and frozen plants, including most of the company’s sites in the Northeast, for $433 million.
The court also approved Prairie Farms Dairy’s purchase of eight facilities for $75 million; Mana Saves McArthur’s purchase of the Miami, Florida, plant for $16.5 million; and Harmoni Inc.’s purchase of the Uncle Matt’s business for $7.25 million.
Producers Dairy Foods will pay $3.7 million for the Reno, Nevada, facility and $3 million for the Berkeley Farms trademark.
The court OK’d the $25.5 million sale of Meadow Gold Hawaii to Industrial Realty Group, but Dean Foods terminated that agreement on April 13.
Dean CEO Eric Beringause said the company is proceeding with an unnamed buyer for Meadow Gold’s Hilo plant but plans to close the site in Honolulu at the end of the month.
The sales still require regulatory approvals, but Dean Foods expects to complete all of the transactions by early May.
Source: lancasterfarming.com
