Schwan’s Co. has discovered a purchaser in South Korea’s largest meals firm, CJ CheilJedang, referred to as CJCJ, studies Minneapolis Star Tribune. The Seoul-based firm can pay $1.eight billion for Minnesota-based Schwan’s. Below the settlement, CJCJ will purchase an 80 % stake in Schwan’s and acquire management of its companies that serve eating places, groceries, and different retailers. Schwan’s will preserve a 20 % stake and preserve management of firm’s dwelling supply enterprise. It can additionally preserve its title, its company workplace in Bloomington, Minn., and its foremost operations in Marshall, Minn.
When the deal closes early in 2019, Schwan’s will grow to be a unit of CJ Meals America Corp., the U.S. subsidiary of CJCJ. CJCJ, which presently has 5 U.S. manufacturing and distribution websites, will purchase 17 meals manufacturing services and 10 distribution facilities throughout the usthrough the Schwan’s acquisition.
Schwan’s present annual gross sales complete roughly $three billion. The corporate affords quite a lot of frozen and ready-made merchandise, together with Pink Baron, Freschetta and Tony’s pizzas, Mrs. Smith’s pies, and Edwards desserts. Its foodservice enterprise sells to colleges, hospitals and different establishments. Full Story
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