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Korean Food Giant to Pay $1.84 Billion for Schwan's

  • CJ CheilJedang buys stake in U.S.-based maker of Tony’s pizza
  • Frozen-food sales are growing after years of decline

Asian food giant CJ CheilJedang Corp., agreed to buy a stake in Schwan’s Co., maker of Mrs. Smith’s pies and Tony’s pizza, for $1.84 billion to expand its sales in the U.S. food market.

The Korean company will buy an 80 percent stake in Marshall, Minnesota-based Schwan’s and subsidiaries that focus on foods sold in stores and food-service venues, according to a CJ filing and press releases from Schwan’s and CJ CheilJedang on Thursday. Schwan’s is privately held. The Schwan family will retain full ownership of the home-delivery service.