(BLOOMINGTON,MINN)UTVS- The deep-rooted Minnesota food distributor, Schwan’s Co, was bought by South Korea’s largest food company. The company known for home deliveries was bought by CJ Cheiljedang for $1.8 billion dollars.
Cheiljedang will hold 80% stake in Schwan’s and will control all businesses that serve restaurants, grocery stores and other retailers. The other 20% of the stake will remain with the Schwan family. The Schwan family will also keep complete ownership of Schwan’s Home Service Inc.