Golden Oval Eggs to purchase MoArk Egg Products processing assets
Golden Oval Eggs will shortly purchase the liquid egg processing
assets of the egg products division of MoArk. The transaction is expected to be
completed on or about 1 July 2006.
MoArk will continue to operate its primary business
which is the production and marketing of shell eggs.
involves all five MoArk liquid egg products processing facilities, associated
inventory, and other related assets. A supply agreement for shell eggs from
MoArk facilities and a licensing agreement for the use of the Land O'Lakes brand
on liquid egg products are also included in the transaction. Additional details
of the transaction will be available on the US Securities and Investments Commission.
Golden Oval Eggs was established in 1994 as a new-generation value-added
cooperative, created, owned, and directed by agricultural producers. On 1
September 2004, the 700 shareholders of Golden Oval Eggs changed the company's
corporate structure to a Limited Liability Company (LLC). Today, it is a leader
in the liquid egg industry, ranked among the top 10 producers and processors,
serving customers throughout the United States and Canada.
MoArk, a wholly-owned subsidiary of Land O'Lakes,
is the nation's third-largest producer and marketer of shell eggs including
branded and specialty eggs. MoArk does business in 45 states and has annual
sales of about $500 million. MoArk will continue to operate in the shell egg
business after the transaction is complete and maintain its position as a
leading supplier of high-quality products to customers across the
Land O'Lakes is a national farmer-owned food and
agricultural cooperative with annual sales of more than $7 billion. Land O'Lakes
does business in all 50 states and more than 50 countries. It markets a
full line of dairy-based consumer, foodservice and food ingredient products
across the US; 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, crop nutrients and crop protection
products) and services.
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