Minnesota-based food business Schwan's Company will sell a majority stake to a South Korean firm, according to a news release Nov. 15.

CJ CheilJedang of Seoul, South Korea will purchase 80 percent of Schwan's and its subsidiaries in the retail and grocery food sector and food services. The Schwan family will retain full ownership of Schwan's Home Service Inc., its legacy home-delivery business launched in 1952.

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“This is an exciting time at Schwan’s. Over the past 66 years, our family, with the help of thousands of employees, has proudly built a very unique and successful food business that reaches consumers virtually everywhere they eat,” said Paul Schwan, a Schwan’s board member and son of the company’s founder, in a statement Thursday. “By becoming a part of an innovative, global team such as CJ CheilJedang, Schwan’s will be positioned to achieve new levels of growth in the spirit of the vision put forth by my father, Marvin Schwan, so many years ago.”

The deal is expected to be closed in the next 60-90 days.

CJ CheilJedang is lead subsidiary of the CJ Group's food and bio engineering sector, the news release states.

Schwan's brands include Red Baron, Tony’s, Big Daddy’s, Villa Prima and Freschetta pizza.