Nestle buys Kraft N. American pizza unit for $3.7 bn

ZURICH: Food giant Nestle 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.