MARSHALL — The sale of Schwan’s Company to South Korean food business CJ CheilJedang is now complete. The companies announced earlier last week that CJCJ has closed on the acquisition of Schwan’s and several of its subsidiaries.

Schwan’s is now operating as a subsidiary of CJCJ, the announcement said.

At the same time, Schwan’s will keep its ties to both Minnesota and the Schwan family. In the sale announcement, CJCJ and Schwan’s said the company’s current senior management team will stay in place, headquartered at offices in Marshall and Bloomington. The Schwan family has also retained minority ownership of the businesses sold to CJCJ, as well as 100 percent ownership of Schwan’s Home Service, Inc.

“This is an exciting time at Schwan’s. By combining our operational capabilities with CJCJ, we are creating a much stronger business that will benefit everyone who has a stake in our success,” said Schwan’s CEO Dimitrios Smyrnios. “CJCJ is a strong global company that brings a proven commitment to making bold investments in future growth, whether it’s in product innovation, brand building or manufacturing and logistics infrastructure. And, CJCJ will benefit greatly from Schwan’s talented employees, iconic brands, expansive distribution network and manufacturing capabilities, and insights into the U.S. food consumer and marketplace.”

News of the deal broke in November when Schwan’s announced it had reached an agreement to sell a majority stake of the company to CJCJ. The sale also includes Schwan’s subsidiaries focusing on foods sold in stores and food service, the company’s manufacturing and logistics operations, and professional and administrative services.

Schwan’s Home Service will continue to operate as a privately-held independent business, a company announcement said this week.

“This is an extremely exciting time for our team. As an independent, family-owned business, we have a tremendous opportunity to ignite the entrepreneurial spirit that made our business an American icon and drive new innovation that will bolster our ability to meet the needs of today’s consumers,” said Joe Kirby, president of Schwan’s Home Service. “Moving forward, our goals are to continue providing high quality food and service to our customers across the United States and drive sustainable and long-term growth that will benefit everyone involved with our company.”

Home Service represents the home-delivery business founded by Marvin Schwan, company spokespeople said.

“Our family is extraordinarily proud of our 67-year-old legacy home-delivery business and remains committed to ensuring its long-term growth and prosperity,” said Paul Schwan, a member of the Schwan family. “We look forward to working with all of the Schwan’s Home Service employees as we make investments across our business to compete and win in a home delivery marketplace that we helped create.”