hankyoreh

The South Korean food company CJ Cheiljedang has acquired the US frozen food company Schwan’s Company for 2 trillion won (US$1.84 billion), effectively expanding its overseas operations. The company announced on Nov. 15 that it has acquired 99.9% of Schwan’s stocks. Before the acquisition, Schwan’s was the top US operator in frozen pies and Asian appetizers and was the country’s second largest supplier of frozen pizza. It has 17 production facilities, 10 distribution facilities, and five R&D centers throughout the US.