Nestlé has completed its acquisition of Kraft Foods' frozen pizza business and will today begin integrating the business and its 3,620 staff.
“This acquisition is an excellent strategic match for Nestlé as it brings leadership in the North American frozen pizza category, where the company had only a minor presence until now,” said Nestlé in a statement this morning.
“The business complements Nestlé's existing frozen meals and snacks businesses while allowing the company to optimise its existing distribution network to stores across America. In addition, this acquisition enables Nestlé to leverage its pizza-making know-how in Europe.”
Kraft sold its pizza business in a bid to raise cash for its controversial takeover of Cadbury.
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Kraft cashes in pizza arm to sweeten Cadbury bid as Nestlé rules out offer (5 January 2010)