The case begins with an examination of Land O' Lakes' diversified portfolio of businesses. The business had undergone significant changes since 1998 - it dominated market share in butter and deli cheese, had become the largest crop protection, plant nutrient, and feed manufacturer in the US, and was the fourth largest US seed company. Land O'Lakes used mergers, joint ventures, acquisitions of public and private firms, and divestitures/closing of assets to restructure its portfolio to build its portfolio. The main issue was to evaluate its diversified portfolio of businesses and find ways to improve future performance.