16 November 2018 | News
The transaction will include 80 percent of Schwan’s Company and specific subsidiaries that focus on foods sold in retail and grocery channels and food-service venues.
Schwan’s Company, a leading U.S. food business, has reached an agreement to sell a majority stake of the company to CJ CheilJedang (CJCJ), of Seoul, South Korea.
The transaction will include 80 percent of Schwan’s Company and specific subsidiaries that focus on foods sold in retail and grocery channels and food-service venues. The Schwan family will retain 20 percent ownership in the businesses being sold to CJCJ and will also retain 100 percent ownership in Schwan’s Home Service, Inc., which represents the legacy home-delivery business that Marvin Schwan launched in 1952.
The purchase agreement with CJCJ is the result of a strategic process led by the Schwan family, the company’s board of directors and members of the senior management team to identify the right company to invest in the long-term future of Schwan’s. Once the transaction is closed, Schwan’s will be operated as a subsidiary of CJ Foods America Corp., and its operations will continue to be headquartered at corporate offices in Marshall and Bloomington, Minn. Additionally, the current senior management team at Schwan’s will remain in place and Schwan’s family of businesses will continue to offer delicious foods through its many trusted brands.