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Nestle Buys Into Wagner Pizza
LONDON - Dec 7/04 - SNS -- Nestle Deutschland AG, based in Frankfurt am Main, will buy 49% of Wagner Tiefkühlprodukte GmbH, based in Nonnweiler-Braunshausen. Pending approval by the appropriate authorities, the transaction will go ahead January 1, 2005.
The companies said that with a market share of approximately 33% and turnover of around 200 million Euros, Wagner is a strong number two in the growing German frozen pizza market. Besides supplying the domestic market, Wagner already exports to several West-European countries, among others Austria with a market share of approximately 25%.
Wagner’s managing directors will continue to manage this business. A proportionate membership board of directors under the chairmanship of Nestle Deutschland AG’s chairman will control the strategic direction.
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