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New Princes Group, the diversified food company formed on Newlat’s acquisition of Princes last year, has announced the acquisition of the Italian baby food business of Kraft Heinz for €120 million ($140 million), according to a report in Grocery Gazette.
As a result of the acquisition, New Princes Group will add a range of new brands to it portfolio, alongside a manufacturing facility with a 300-strong workforce. The deal reportedly builds on a 2015 deal with Kraft Heinz for its Italian infant formula factory.
Commenting on the deal, New Princes Group chair Angela Mastrolia said: “Bringing home brands like Plasmon, Nipiol, BiAglut, Aproten, and Dieterba fulfils a vision we have pursued for years, to create an Italian multinational company that gives new life to beloved national brands with deep roots in our country’s identity”.
Source: Grocery Gazette
