Land O'Lakes and Eggland's Best Announce Egg Joint Venture
ARDEN HILLS, Minn. and JEFFERSONVILLE, Pa., May 1, 2012 /PRNewswire/ -- Land O'Lakes, Inc., and Eggland's Best, Inc., announced today the creation of a new branded, specialty egg joint venture, in which each organization will hold a 50 percent stake. Terms of the joint venture were not disclosed.
Land O'Lakes has an existing presence in the egg category as the national licensor of LAND O LAKES brand eggs. Eggland's Best is a cooperative that manages the advertising and marketing of EGGLAND'S BEST eggs -- the No. 1 branded egg in the United States.
The new joint venture will license both the EGGLAND'S BEST and the LAND O LAKES brands. Current President and Chief Executive Officer of Eggland's Best, Inc., Charles T. Lanktree, will serve as President and CEO of the new company, which will be called Eggland's Best, LLC.
For Land O'Lakes, the joint venture will expand its participation in the growing branded specialty egg category. Both organizations also will benefit from sales and marketing synergies that will be achieved by combining the expertise and resources of the two entities -- which is expected to drive volume growth for both brands.
For consumers and customers, bringing together these two strong brands offers a number of benefits, from greater product selection to enhanced category management.
According to Chris Policinski, President and CEO of Land O'Lakes, "This joint venture brings together two leading brands in the egg business that are known for providing retail customers and consumers with products of the highest quality, as well as strong operational support and brands with unique marketplace attributes."
Lanktree, President and CEO of Eggland's Best, noted: "Increasingly, consumers are looking for healthy choices in their diet – and eggs provide a high-protein, low-fat option. This is a growing food category, and we believe that by joining forces, Land O'Lakes and Eggland's Best can serve customers and consumers even more effectively."
Policinski concluded: "Both organizations are very excited about this new joint venture. We believe it gives us far greater distribution capacity to serve customers and consumers, while building the value of our brands."
About Land O'Lakes, Inc.
Land O'Lakes, Inc. (www.landolakesinc.com) is a national, farmer-owned food and agricultural cooperative with 2011 sales of $13 billion. Land O'Lakes is the nation's second-largest cooperative, and is No. 218 on the Fortune 500. The company does business in all 50 states and more than 60 countries. It is a leading marketer of a full line of dairy-based consumer, foodservice and food ingredient products across the United States; serves its international customers with a variety of food and animal feed ingredients; and provides farmers and ranchers with an extensive line of agricultural supplies (feed, seed, and crop protection products) and services. Land O'Lakes also provides agricultural assistance and technical training in more than 25 developing nations.
About Eggland's Best, Inc.
Eggland's Best, Inc., a cooperative, markets branded eggs, including America's No. 1 egg, Eggland's Best®, through its national franchise organization. The distinctive "EB" stamp assures consumers that Eggland's Best eggs have Better Taste, Better Nutrition, and are the Better Eggs®. The Eggland's Best brand has been awarded dozens of prestigious taste and nutrition awards and has achieved unprecedented double-digit yearly sales growth for the past 15 years – a track record unparalleled in consumer package goods or in agriculture.
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