VEVEY, Switzerland (AP) -- Swiss food and drinks company Nestle SA said Tuesday that it has completed its $3.7 billion purchase of Kraft Foods Inc.'s pizza business.
The companies announced the deal last month, which was essential to Kraft as it used the proceeds of this sale to increase the cash component of its now successful bid to buy British candy maker Cadbury PLC.
Nestle said the acquisition is an excellent strategic match for its company as it increases its presence in the American frozen pizza business, where it previously had only a minor presence.
Nestle said it will now begin integrating Kraft's 2,620 pizza business employees into Nestle.
Shares of Kraft rose 31 cents to $29.03 in midday trading.