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.
The transaction 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 country.
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.