Skip to main content

Minnesota's Schwan's sold to South Korean company in $1.8 billion deal

The 66-year-old business has new owners.

Famed Minnesota food distributor Schwan's is being sold to a South Korean firm in a deal worth $1.8 billion.

The Marshall company announced Thursday that it is selling a majority, 80 percent stake in its business to Seoul-based CJ CheilJedang (CJCJ).

Schwan's was founded in 1952 by Marvin Schwan, operating initially in rural Minnesota as a one-man-and-a-truck home delivery business, but has now grown to be a major frozen food manufacturer, employing around 12,000 people and owning brands including Red Baron, Freschetta and Pagoda Asian-style foods.

It's probably best known in Minnesota for the frozen food trucks that arrive on a schedule in many rural towns.

Paul Schwan, the son of founder Marvin and now a Schwan's board member, said that the company's sale will position it "to achieve new levels of growth in the spirit of the vision put forth by my father, Marvin Schwan, so many years ago."

Sign up: Subscribe to our daily newsletters

Although it'll now become a subsidiary of CJ Foods America Corp., Schwan's operations will continue to be headquartered in Minnesota, with its corporate offices in Marshall and Bloomington.

Its current senior management team will also stay in place.

Schwan’s CEO Dimitrios Smyrnios said: "CJ CheilJedang is an extraordinarily world-class and innovative company well-known for their success worldwide, and we are very impressed with their global growth plans and investments in the United States. The future for Schwan’s and our people is very bright."

Next Up

Anthony Edwards

Ant ejected, Wolves blow huge lead and lose to slumping Hawks

The Timberwolves missed another opportunity to get over .500.

Xcel Energy Center

NHL announces make-up dates for Wild postponements

The Wild will play 40 games in the final 77 days of the regular season.

the mayo clinic - edit

Group says Mayo should be 'severely punished' over research puppy's death

The puppy died two days after undergoing a procedure at a Mayo research facility.

FLickr - minneapolis police - Tony Webster - Feb 2020 - crop

Charges: Man kidnapped woman, sexually assaulted her at gunpoint

The suspect faces three separate felony charges.

mn state capitol january 17 2021

St. Cloud 'Boogaloo Boi' who discussed attack on MN Capitol gets 2 years

He was charged with illegally possessing a machine gun.

Chris Smith

Gophers add All-Ivy League D-tackle from Harvard

Chris Smith will be eligible immediately as a graduate transfer.

school bus

High school basketball team returns from game to find bus driver dead

Members of the girls team returned to the bus to find the driver unresponsive.

covid-19 testing site sign

Minnesota AG sues COVID testing site, alleging it sent false results

Sometimes the company didn't send people their results at all, the lawsuit alleges.

optum headquarters chad davis wikimedia commons

UnitedHealth Group says it made $287B last year, $24B of it profit

The corporation's Optum business represented a significant chunk of that total.

covid

Omicron may have already peaked in Minnesota

Reported cases lag what's happening in real time, so the newly reported cases over the next week or so will still be very high.

MnDot snow plow cam I-35 12-10-21

MnDOT reveals 50 snowplow name finalists

Voting is open through Wednesday, Jan. 26.

Related

Bloomington Super Bowl ring makers sold for $1.3 billion

Jostens is also known for making class rings and yearbooks.

Luverne left shocked as company shifts planned shrimp farm to SD

The announcement came last week, but the city is still hopeful of getting a shrimp harbor in the future.

Red's Savoy Pizza chain is sold to company president

The company has 18 pizza joints across the Twin Cities metro.

Minneapolis-based Bite Squad sold in $321 million deal

Bite Squad was founded in Minneapolis in 2012.

SICK plans Bloomington

'Mystery company' behind tech hub near MOA is revealed as SICK

The German company wants to expand its presence in Bloomington.

Twin Cities ad agency sold to Wisconsin company for $132 million

They're lacking creativity across the border, it seems.

SuperAmerica chain, oil refinery sold as part of $23B deal

It's the fourth owner the refinery has had in eight years.