South Korea’s CJ to buy 85% stake in Omni Food
From Bloomberg News
CJ Corp., South Korea’s biggest grocer, agreed to buy Los Angeles-based Omni Food Inc. for $6.8 million to begin making frozen foods in the U.S.
Under the agreement, CJ would buy 85% of the frozen food company, CJ said in a regulatory filing in Seoul, where the company is based.
The transaction is CJ’s first acquisition of a production line in the U.S., enabling the company to begin making food products in the U.S. under its own brand.
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