Olson Industries was split up as planned.

The Sherman Oaks egg distributor’s board approved a plan that will give its largest shareholder, C. Dean Olson, most of the company’s egg farms and processing plants in exchange for his 37% stake. The deal, which will make slumping Olson Industries a 35% smaller company dominated by a profitable plastic packaging division, came out of a settlement reached last month between Dean Olson, 78, and his brother, H. Glenn Olson, 79. The two brothers, who co-founded the company more than 50 years ago, divided all of their jointly held assets in the settlement.