Land O'Lakes Inc. and Eggland's Best Inc. have announced 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.

The new company, which will be called Eggland's Best LLC, will license both the Eggland's Best and the Land O'Lakes brands. Current president and CEO of Eggland's Best, Charles T. Lanktree, will serve as president and CEO. For Land O'Lakes, the joint venture will expand its participation in the growing branded specialty egg category. Both organizations said they 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.