Photo Credit: r. nial bradshaw/Flickr

Minnesota-Based Schwan’s Company Sold For $1.8 Billion To South Korea Company

It was announced that Schwan’s Company is selling a majority stake in their company to CJ CheilJedang for over a billion dollars.

According to a press release sent out, CJ CheilJedang has acquired an 80% equity stake for $1.84 billion dollars. It was also stated that the Schwan family will retain 20% ownership in the businesses sold and 100% of Schwan’s Home Service, Inc. 

After the transaction is complete, Schwan’s will be operated as a subsidiary of CJ Foods America Corp. The operation will still be headquartered in Minnesota with Marshall and Bloomington, Minn. 

Photo Credit: r. nial bradshaw/Flickr