CJ CheilJedang acquires Schwan’s Co.
Schwan’s Co. is now operating as a subsidiary of CJ CheilJedang.
CJ CheilJedang (CJCJ), a South Korea-based food processor, acquired Schwan’s Co., Bloomington, Minn., and several of its subsidiaries. As a result, Schwan’s Co. is now operating as a subsidiary of CJ CheilJedang.
“This is an exciting time at Schwan’s. By combining our operational capabilities with CJCJ, we are creating a much stronger business that will benefit everyone who has a stake in our success,” says Dimitrios Smyrnios, chief executive officer of Schwan’s. “CJCJ is a strong global company that brings a proven commitment to making bold investments in future growth, whether it’s in product innovation, brand building or manufacturing and logistics infrastructure. And, CJCJ will benefit greatly from Schwan’s talented employees, iconic brands, expansive distribution network and manufacturing capabilities and insights into the U.S. food consumer and marketplace.”
“We are very impressed with what the employees of Schwan’s have achieved over its 67-year history and what the company’s brands and high-quality foods mean to people throughout North America,” adds Sinho Kang, chief executive officer of CJCJ. “We are confident that our combined strengths will help enable deeper relationships with our collective customers and consumers, drive business growth and support CJCJ’s vision of being a lifestyle company that delivers health, happiness and convenience to the world.”
The transaction, which was announced late last year, includes CJCJ gaining a majority stake in Schwan’s Co. and specific Schwan’s subsidiaries that focus on foods sold in retail and grocery channels as well as foodservice venues. The sale also includes the company’s manufacturing and logistics operations and various professional and administrative services.
Additionally, the Schwan family will maintain 100% ownership in Schwan’s Home Service, Inc., which represents the company’s home delivery business. The business will continue to operate independently under the Schwan family’s ownership.
The current senior management team at Schwan’s will remain in place, and the company will continue to be headquartered in Bloomington and Marshall, Minn.