Terms of the joint venture, in which each company will hold 50%, were not disclosed.
The joint venture will license both the Eggland’s Best and Land O’Lakes brands and current Eggland’s Best president and CEO, Charles Lanktree, will head up the new company. The new group will trade under the name Eggland’s Best.
For Land O’Lakes, the joint venture will expand its participation in the growing branded speciality egg category, the company said.
“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,” Chris Policinski, president and CEO of Land O’Lakes, commented.
Both organisations will benefit from sales and marketing synergies. This is expected to drive volume growth for both brands, the firms added.