South Korean foodmaker CJ Corp has acquired a 70% stake in San Francisco-based Annie Chun’s for US$6.08m, reports Asia Pulse.
Annie Chun’s has been growing rapidly by providing Asian-style instant foodstuffs and sauce products, CJ said.
“The takeover is designed to penetrate the processed food market in the United States,” said Kim Ju-heong, a senior official from CJ Corp.
Founded in 1992 by South Korean immigrant Annie Chun, the company sells products throughout North America and in some parts of Europe.
CJ said it will push for aggressive growth of Annie Chun’s operations, including development of new products, production, marketing and sales.
Efforts will also be made to tailor CJ’s food products to American tastes, starting with its flagship instant steamed rice, the company said.
“We hope the acquisition will serve as a starting point for emerging as a world-class food company,” Kim said.