Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Erdogan to rid Turkish institutions of ‘separatist cancer’ after coup attempt

Read more

ENCORE!

The best of summer music festivals in France

Read more

FRANCE IN FOCUS

Going for gold: French athletes train for Rio Olympics

Read more

#TECH 24

Digital beauty

Read more

FOCUS

Women doctors in Pakistan challenge the status quo

Read more

BUSINESS DAILY

Trump hopes to reset America's trade relations

Read more

IN THE PAPERS

'Donald Trump's speech was just another scam'

Read more

IN THE PAPERS

Cazeneuve at the heart of Nice security controversy

Read more

EYE ON AFRICA

South Africa: Prosecutors seek longer sentence for Oscar Pistorius

Read more

Americas

Nestle pays $3.7 billion for Kraft's frozen pizzas

Text by News Wires

Latest update : 2010-01-05

Nestle has snapped up Kraft's frozen pizza business in North America for 3.7 billion dollars, making the Swiss giant the world leader in that market.

AFP - Food giant Nestle Tuesday announced it was buying Kraft Foods' frozen pizza units in the United States and Canada for 3.7 billion dollars (2.5 billion euros).
  
"This frozen pizza business greatly enhances Nestle's frozen food activities in North America, bringing together a selection of great US and Canadian brands, industry-leading R&D and excellent route-to-market capabilities, which complement our existing ice cream direct-store-delivery," Nestle chief Paul Bulke said.
  
"With total sales of around 3 billion (Swiss francs), Nestle will become the world leader in the attractive, fast-growing frozen pizza category," he said.
  
A Nestle statement said the US is the largest pizza market in the world with consumer sales of about 37 billion dollars.
  
It said with estimated sales of 2.1 billion dollars in 2009, Kraft Foods was the leader in the frozen pizza category and had enjoyed double-digit growth in the US and Canada over the last four years.
  
The brands include DiGiorno, Tombstone and California Pizza Kitchen.
  
"Selling this business now not only delivers an attractive return for our shareholders, but enables us to better focus our resources on priority global brands and categories," said Kraft chief executive officer Irene Rosenfeld.
  
"Nestle is well-positioned to continue building these powerhouse pizza brands, given its strength in frozen foods," Rosenfeld said.

Date created : 2010-01-05

COMMENT(S)