CJ buy U.S. frozen food company for $1.84 billion

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South Korea’s CJ CheilJedang Corp (097950.KS) said on Thursday it bought privately held U.S. frozen foods firm Schwan’s Co for $1.84 billion, the South Korean food-to-entertainment conglomerate’s biggest-ever acquisition.

The acquisition builds on CJ’s push into the United States. The firm in August bought Ohio-based Kahiki Foods, a supplier of frozen Asian meals to stores including Walmart Inc (WMT.N).

The latest deal will give CJ access to Schwan’s distribution network, including logistics centers and delivery vehicles, as it looks to expand its existing U.S. business focused on Korean food such as dumplings and noodles, CJ said in a statement.

Schwan’s, owner of brands such as Red Baron, Freschetta, MaMa Rosa’s and Tony’s pizza, has an annual revenue of $3 billion and the second-largest U.S. frozen-pizza market share, Jefferies said in a research note last month.

It employs 12,000 people.

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