South Korean food manufacturer CJ Cheiljedang Corp has announced plans to acquire an American and a German frozen food company in a bid to bolster its presence overseas. The Korean food maker’s deals are with US-based Kahiki Foods and Germany’s Mainfrost, however financial details have not been disclosed.
Expanding its position in US and European markets, CJ Cheiljedang Corp’s strategy is to strengthen competitiveness in the global food business. The two acquisitions for the South Korean food giant show how the company is striving to become a global food name and get stronger footholds in America and Europe.
This comes shortly after reports that the CJ Group is on track to winning a deal to take over US food processor Schwan`s Company for about US$2.5 billion, which would be the largest-ever acquisition for the group.
Home meal replacement (HMR) company Kahiki Foods supplies products such as egg rolls and noodles to stores like Walmart and Sam’s Club across the US. The company reported 62.6 billion won ($56.5 million) in sales last year.
CJ Cheiljedang now owns four food product manufacturing lines in the US following the deal with Kahiki Foods, expanding the company’s capabilities to ship to North and South American markets.
Mainfrost supplies European retailers with frozen dumplings and has been manufacturing some of CJ’s Bibigo brand products.
Source: Food Ingredients First
General Mills has sold its US yogurt business to French dairy giant Lactalis, officially exiting the US yogurt market. The move marks a strategic pivot for the US food giant, which aims to sharpen its focus on higher-growth categories like snacks, pet food, and ice cream.
The US-based food producer entered into a restructuring support agreement with a group of lenders who hold a portion of its term loan debt. The agreement outlines a plan to run a “going-concern” sale, allowing the company to continue operations during the process.
Roelofs joined Refresco in 2007 and oversaw major expansion. The company now operates 75 manufacturing sites in 13 countries and employs over 14,000 people. During his tenure, Refresco grew from a regional player to a global leader in beverage solutions.
