The US Bankruptcy Court in Manhattan has approved the sale of Parmalat USA’s Milk Products of Alabama unit to US dairy giant Dean Foods for US$21.7m.
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The deal was approved after Dean Foods outbid National Dairy Holdings, which had agreed in July to buy the unit for $19.7m, subject to Parmalat receiving a better offer, reported Dow Jones Newswires.
Milk Products has a facility in Decatur, Alabama, which produces milk shakes, ice cream and other dairy products for foodservice outlets and retailers.
Parmalat USA filed for Chapter 11 bankruptcy protection in February following the collapse of its Italian parent amid a financial scandal.
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