Sector News

Rumors swirl of possible Schwan’s takeover

June 8, 2018
Food & Drink

CJ Cheiljedang, a subsidiary of CJ Group, is considering acquiring a U.S.-based food processor, a move that would boost the company’s international presence. Although the company did not confirm its potential target, media reports suggest the company is Marshall, Minn.-based Schwan’s Co.

“We are reviewing purchasing a U.S. processed food maker as part of efforts to boost competitiveness in our overseas foods business, but nothing concrete has been decided,” CJ Cheiljedang noted in a June 7 regulatory filing.

According to The Investor, the transaction may be valued at an estimated $2.8 billion.

Schwan’s Co. did not respond to a request for comment on the potential transaction.

Schwan’s Co. makes products under the Schwan’s, Red Baron, Freschetta, Tony’s, Mrs. Smith’s, Edwards, Pagoda and Larry’s brands, and sells frozen foods from home delivery trucks, in grocery stores, by mail and to the food service industry. Schwan’s is the second largest frozen pizza maker, trailing only Nestle.

Founded in 1953, CJ Cheiljedang has operations in food ingredients (including sugar, wheat and oil), food, pharmaceuticals and biotechnology.

By Eric Schroeder

Source: Food Business News

comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.