Swiss food giant, Nestle, recently announced the purchase of Kraft Food' pizza business in the US and Canada, paying 3.7 billion dollars in cash. The transaction would be completed this year, following regulatory approval from the US and Canada. Kraft Foods' frozen pizza business includes brands such as DiGiorno, Tombstone, California Pizza Kitchen, Jack's and Delissio.
The acquisition is expected to provide a new strategic pillar to Nestle's frozen food portfolio in the US and Canada, where the firm has established a leadership in prepared dishes and handheld product categories under the Stouffer's, Lean Cuisine, Buitoni, Hot Pockets and Lean Pockets brands.
"This frozen pizza business greatly enhances Nestle's frozen food activities in North America, bringing...