Kraft Foods (NYSE: KFT) has agreed to sell the assets belonging to its North American pizza business to Nestle for a total price of $3.7 billion. The company expects that the pizza business will generate 2009 net revenues of $1.6 billion under U.S. Generally Accepted Accounting Principles. The transaction is expected to close in 2010.
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The sale includes DiGiorno, Tombstone and Jack's brands in the U.S., the Delissio brand in Canada and the California Pizza Kitchen trademark license. The sale will also include two Wisconsin manufacturing facilities and the right to take on the leases for the pizza depots and delivery trucks. Kraft Foods plans that about 3,400 employees will transfer along with the business to Nestle.
About Kraft Foods
Kraft Foods (www.kraftfoodscompany.com) makes today delicious in 150 countries around the globe. Our 100,000 employees work tirelessly to make delicious foods consumers can feel good about. From American brand icons like Kraft cheeses, dinners and dressings, Maxwell House coffees and Oscar Mayer meats, to global powerhouse brands like Oreo and LU biscuits, Philadelphia cream cheeses, Jacobs and Carte Noire coffees, Tang powdered beverages and Milka, Cote d'Or, Lacta and Toblerone chocolates, our brands deliver millions of smiles every day.
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