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.
Dean applied for bankruptcy protection in November of last year. 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%.