Schwan’s Company has sold an 80% stake in its business to South Korean firm CJ CheilJedang (CJCJ).

Schwan’s currently has around 12,000 employees and operates brands such as Red Baron, Freschetta, Tony’s Pizza, Edwards and Mrs Smith’s Desserts. The company will now operate as a subsidiary of CJCJ.

Announced in November last year, the transaction also included the purchase of Schwan’s manufacturing and logistics operations, as well as various professional and administrative services.

“CJCJ is a strong global company that brings a proven commitment to making bold investments in future growth.”

Schwan’s CEO Dimitrios Smyrnios said: “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.

“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 US food consumer and marketplace.”

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By GlobalData

Schwan’s current senior management team will continue to operate the acquired business from its corporate offices in Bloomington and Marshall, Minnesota, US.

The company will also continue to independently operate its Schwan’s Home Service, holding 100% ownership.