Kraft's California Pizza Kitchen to Go to Nestle

Nestle plans to acquire Kraft's frozen pizza business in the U.S. and Canada for $3.7 billion, which includes the California Pizza Kitchen brand license.

"We have had a terrific partnership with Kraft over the last thirteen years," says Rick Rosenfield and Larry Flax, co-founders and co-chief executive officers of California Pizza Kitchen. "We are excited about a new relationship with Nestle and look forward to working with them in further developing the brand in the grocery channel. We expect a smooth transition to Nestle once the sale is final and look forward to continuing to provide our same quality pizzas to consumers in their homes."

The acquisition is pending approval to be completed this year.

"The frozen pizza business is complementary to our frozen food portfolio that includes the Stouffer's, Lean Cuisine, Buitoni, Hot Pockets and Lean Pockets brands," says Brad Alford, chairman and chief executive officer of Nestle USA. "The licensed California Pizza Kitchen business has been a strong contributor to growth in this frozen pizza category and we expect this to continue once the sale is complete."