MILAN (Reuters) -Packaged food maker Kraft Heinz has agreed to sell its Italian infant and speciality businesses, including the Plasmon, Nipiol and Aproten brands, to Italian food group NewPrinces,
Kraft Heinz Sells Italian Baby Food Division to NewPrinces for €120 Million
MILAN (Reuters) -Packaged food maker Kraft Heinz has agreed to sell its Italian infant and speciality businesses, including the Plasmon, Nipiol and Aproten brands, to Italian food group NewPrinces, Kraft said on Thursday.
The business, which also includes some other smaller brands and a production plant in Italy, reported 170 million euros in revenue last year, with a core profit of 17 million euros, NewPrinces, formerly known as Newlat, said in a separate note.
Its enterprise value was set at 120 million euros ($140.72 million), NewPrinces said.
Shares in NewPrinces were trading 4.7% higher on the Milan bourse at around 0915 GMT.
The deal, expected to close by late 2025 and subject to regulatory approval, is in line with its strategy to focus on core brands and growth areas, Kraft Heinz said in its statement.
Plasmon is a household name in Italy, particularly for its baby biscuits and food. The country is the brand's largest market, but revenue has been increasingly affected by Italy's low birth rate.
Kraft Heinz was advised by Houlihan Lokey as financial advisor, while NewPrinces was advised by Vitale&Co.
($1 = 0.8527 euros)
(Reporting by Elisa Anzolin; Editing by Giulia Segreti and Rachna Uppal)
