Schwan’s Co., Minneapolis, reached an agreement to sell a majority stake of the company to CJ CheilJedang (CJCJ), Seoul, South Korea.

The transaction will include 80% of Schwan’s and specific subsidiaries that focus on foods sold in retail, grocery and foodservice channels. The Schwan family will retain 20% ownership in the businesses being sold and will retain 100% ownership in Schwan’s Home Service, Inc., the home delivery business.