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
Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.
German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.
Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.