Published Friday, 04 April 2014
The business was founded over 100 years ago. (© UTV)
The deal, which was approved in the early hours of Friday morning, will see the Co Tyrone company's milk supply sold to the food giant Glanbia along with its brands.
However, the agreement does not include the cheese manufacturing side of the business.
Staff members emerged from a meeting with management at Friday lunchtime with their worst fears confirmed - 50 jobs will be lost and the factory will close.
Cheesemaker Ian McIntosh, who has worked there for 16 years, said: "There's men there 40 years, other men who are second generation creamery workers, men with small children, mortgages.
"It's quite worrying for the area itself."
The 116-year-old Fivemiletown Creamery had been experiencing difficult trading conditions in the past two years following the loss of a number of significant contracts.
Following the decision to sell, the board of directors released a statement saying they regretted the likely closure of the plant and the resulting loss of jobs.
A number of staff held a protest outside the meeting.
"Employees in the factory now are very disgusted," worker Sean Smith told UTV.
"Jobs are gone, families are home now with no work, so we all have to go back out and look for work - where the work is we don't know.
"We thought this day was never coming but it's come today."
© UTV News