Investing.com -- Kraft Heinz (NASDAQ: KHC ) is reportedly seeking to sell its Italy-based infant food brand, Plasmon, according to Reuters. The global packaged food group has engaged the services of investment bank Houlihan Lokey (NYSE: HLI ) to facilitate the sale.

The company had previously attempted to sell this Italian business in 2019, but ultimately decided to retain it. It is now expected that binding offers for the brand will be received by March.

Plasmon, a brand with a long history, was founded in Milan in 1902. It was initially established as the Italian Plasmon Syndicate by physician Casare Scotti. The Syndicate's original purpose was to research, produce, and sell pure Plasmon, a protein concentrate designed to meet the nutritional needs of infants. Over the years, Plasmon has evolved into a center for the research, development, and production of all types of food for younger children.

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