CJ CheilJedang, a South Korean food company based in Seoul, acquired a majority stake in Schwan's Company, which sells frozen foods from home delivery trucks, in grocery store freezers, by mail, and to the food service industry, for $1.84bn. The transaction will include 80% of Schwan’s Company and specific subsidiaries that focus on foods sold in retail and grocery channels and food-service venues. The Schwan family will retain 20% ownership in the businesses being sold to CJCJ and will also retain 100 percent ownership in Schwan’s Home Service, Inc., which represents the legacy home-delivery business that Marvin Schwan launched in 1952. “We are entering a new and exciting era at Schwan’s, and we look forward to working closely with our new team members to further strengthen our operations and accelerate growth for the benefit of consumers, customers and employees,” said Schwan’s CEO Dimitrios Smyrnios. “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.”