South Korean CJ buys U.S. frozen food company for $1.84 billion
The acquisition builds on CJ’s push into the United States. The firm in August bought Ohio-based Kahiki Foods, a supplier of frozen Asian meals to stores including Walmart.
The latest deal will give CJ access to Schwan’s distribution network, including logistics centers and delivery vehicles, as it looks to expand its existing U.S. business focused on Korean food such as dumplings and noodles, CJ said in a statement.
Schwan’s, owner of brands such as Red Baron, Freschetta, MaMa Rosa’s and Tony’s pizza, has an annual revenue of $3 billion and the second-largest U.S. frozen-pizza market share, Jefferies said in a research note last month.
It employs 12,000 people. ■