Nestle closes frozen pizza biz deal with Kraft

VEVEY, Switzerland Nestle can tell customers "mangia!," as it completed its acquisition of Kraft Foods' frozen pizza business.

Nestle agreed to acquire the business in the United States and Canada for $3.7 billion in cash in January. Nestle said it will now begin integrating Kraft's 2,620 pizza business employees into its company.

When the deal announced, Paul Bulcke, CEO of Nestle, said: "This frozen pizza business greatly enhances Nestle's frozen food activities in North America, bringing together a selection of great U.S. and Canadian brands, industry-leading R&D and excellent route-to-market capabilities, which complement our existing ice cream direct-store-delivery. With total sales of around CHF 3 billion, Nestle will become the world leader in the attractive, fast-growing frozen pizza category."