CJ CheilJedang stands to execute one after another of M&A deals on U.S. and German frozen food companies.
Korea's leading food manufacturer announced Wednesday its acquisition of U.S.-based Kahiki Foods and German-based Mainfrost. Founded in 1961, Kahiki Foods recorded 62.6 billion won in sales last year. The Ohio-based food business owns home meal replacement (HMR) brands – frozen rice with toppings, and egg rolls. The acquisition deal will allow CJ CheilJedang to own four frozen food factories in the United States.
Established in 1964, Mainfrost has a competitiveness edge in frozen meal production. Last year’s sales reached around 10 billion won. Since 2010, CJ CheilJedang’s frozen dumplings have been produced by Mainfrost on consignment.
Such consecutive M&A deals are a part of CJ Group’s strategies to top the global market in more than three categories by 2030. CJ CheilJedang is committed to laying the foundation via M&A and becoming one of the most successful Asian ready-made meal brands in the U.S. market by 2025, according to the company.
Seong-Ho Hwang firstname.lastname@example.org