ARDEN HILLS, Minn. (AP) -- Land O'Lakes Inc. said on Tuesday that it is creating a joint venture with Eggland's Best Inc. to sell specialty branded eggs.
Each company will own half of the new venture, to be called Eggland's Best LLC. It will be run by Eggland's Best Inc. CEO and president Charles T. Lanktree.
Minnesota's Land O' Lakes is a farmer-owned food and agricultural cooperative that currently sells eggs as well as other dairy products under its own name. It said the venture is a way to expand in the growing business of selling specialty eggs.
New Jersey's Eggland's Best is also a cooperative that manages the advertising and marketing of eggs sold under its name, which it says is the top branded egg in the U.S.
Eggland's Best shareholder Cal-Maine Foods Inc. said it will record a one-time gain of $27 million, or $1.12 per share, in its fourth quarter results because of the transaction. Cal-Maine markets and distributes Eggland's Best specialty eggs in New York City as well as in several states in the South.
Shares of Cal-Maine Foods, based in Jackson, Miss., rose 49 cents to $36.52 in afternoon trading.