NESTLE ACQUIRES CHEF AMERICA

$2.6 Billion Cash Deal for Maker of Handheld Frozen Foods

By Published on .

NEW YORK (AdAge.com) -- Nestle said today it will acquire frozen-food manufacturer Chef America for $2.6 billion in cash.

Nestle projects 2002 sales of $720 million for Chef America's handheld frozen-food brands, including Hot Pockets, Lean Pockets and Croissant Pockets. Chef America has seen double-digit compound growth since 1996 and is on track to grow in excess of 15% this year, Nestle said in a statement.

Related Stories:
HERSHEY MAY SELL CANDY DIVISION
Auction Price Pegged at About $15 Billion
NESTLE BUYS DREYER'S
Stock Deal Worth $2.4 Billion Merges Top Ice Cream Brands
NESTLE BUYS STAKE IN HAAGEN-DAZS
Gets Licensing Rights in $641 Million Ice Cream Deal
Peter Brabeck, CEO of Nestle, said, "Chef America is an ideal and strategically important complement to our own frozen-food activities in the USA, which include Stouffer's and Lean Cuisine."

According to Credit Suisse First Boston analyst Dave Nelson, the Chef America acquisition does not prevent Nestle, based in Vevey, Swizterland, from purchasing confection companies Hershey Foods and Pfizer's Adams, which are currently on the block.

In this article:
Most Popular