Schwan’s Company Enters Exciting New Era with CJ CheilJedang
Company’s Retail & Food Service Businesses Acquired by Global Food Leader, Schwan Family Retains 100% Ownership of Legacy Home-Delivery Business and Minority Ownership Stake in Acquired Company
Schwan’s Company, a leading U.S. food business, announced today that it 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 transaction is expected to close in the next 60 to 90 days. The sale will also include...
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