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CJ Cheiljedang to buy U.S. food firm for 2 tln won

Industry 14:55 November 15, 2018

SEOUL, Nov. 15 (Yonhap) -- CJ Cheiljedang Corp., South Korea's leading food manufacturer, said Thursday it will sign a deal to buy a U.S. frozen food company for 2.09 trillion won (US$1.85 billion) in its latest move to expand its presence in overseas markets.

Under the deal, CJ Cheiljedang will buy an 80 percent stake of Schwan's Co., according to the South Korean firm. The deal is set to be closed early next year.

Based in Minnesota, Schwan's is expected to post 2.3 trillion won in sales this year.

The decision came less than three months after CJ Cheiljedang announced the takeover of another U.S. firm, Kahiki Foods, and Germany's Mainfrost in late August.

This file photo shows CJ Cheiljedang Corp.'s corporate logo atop its headquarters building in Seoul. (Yonhap)

scaaet@yna.co.kr
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