S. Korea’s CJ CheilJedan to buy U.S. frozen food firm Schwan's for $1.84 billion

16, Nov. 2018

SEOUL, NNA - South Korean food giant CJ CheilJedang Corp. said Thursday it would buy U.S. frozen food firm Schwan’s Co., maker of Tony’s pizza and Mrs. Smith’s pies, for $1.84 billion as part of its strategy to become a global food name.

CJ Group is expected to finish the process of buying 80% of the shares in privately owned Schwan’s next year.

As part of its growth strategy, CJ also bought U.S.-based Kahiki Foods and Germany’s Mainfrost earlier this year.