Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

EU fines Google €2.4bn over shopping service

Read more

MEDIAWATCH

Latest hack sends jitters through cyberspace

Read more

THE DEBATE

Farewell to arms? Crucial Step for Colombia peace process (full debate)

Read more

THE POLITICAL BRIEF

Could France's Macron be Europe's climate hero?

Read more

FOCUS

Russia cracks down on hooligans ahead of 2018 World Cup

Read more

ENCORE!

Award-winning author Lionel Shriver: Trump 'stole my idea'

Read more

EYE ON AFRICA

DR Congo authorities find ten more mass graves in Kasai

Read more

IN THE PAPERS

Poll suggests Trump presidency takes toll on US image abroad

Read more

IN THE PAPERS

France's new parliament: 'Debutante ball' at the Bourbon Palace

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)