Kraft Heinz Announces Agreement to Sell Italian Baby and Specialty Food Business to Italy's NewPrinces Group

Transaction Expected to Close at end of 2025, Subject to Regulatory Approval

The Kraft Heinz Company (NASDAQ:KHC) ("Kraft Heinz" or the "Company") announced today that it has entered into an agreement to sell its infant and specialty food business in Italy to NewPrinces S.p.A. ("NewPrinces" and, together with its subsidiaries, the "NewPrinces Group"), one of the country's leading food and beverage producers.The proposed transaction is expected to close at the end of 2025, subject to regulatory review and approval.

The agreement will see NewPrinces purchase the infant food brands Plasmon, Nipiol and Dieterba, and specialty food brands Aproten and Biaglut. It also includes the purchase of Kraft Heinz's production facility in Latina, Italy, which manufactures products for some of these brands.

"This marks an important milestone in driving our strategy across Europe and the Pacific, enabling us to fuel investment and growth in our core areas, and enhance focus on our Accelerate platforms," says Willem Brandt, President, Europe and Pacific Developed Markets, Kraft Heinz. "It's a great example of how we're intentionally and proactively managing our portfolio to accelerate organic growth and drive sustainable, long-term value."

The transaction supports Kraft Heinz's strategy to drive profitable growth through its Accelerate platforms, which include HEINZ Tomato Ketchup and other "Taste Elevation" products, such as mayo, table sauces, culinary products, and pasta sauces. In Italy, HEINZ has continued to see consistent growth across Retail and Away from Home channels, significantly increasing market share in the Taste Elevation category.

Located in the Lazio region of central Italy, Kraft Heinz's Latina factory employs around 300 people who make approximately 1.8 billion biscuits per year for Italy's Plasmon brand. The factory and its employees will continue to operate as usual under NewPrinces ownership after the transaction is completed.

"I'm confident this portfolio of iconic brands will thrive in the capable hands of the NewPrinces Group – a market leader in the food and beverage industry, including in specialised nutrition, with a strong Italian heritage and ambitious growth plans," says Carmela Bazzarelli, Managing Director, Kraft Heinz Italia. "We remain committed to Italy and growing our iconic HEINZ brand across the country."

The NewPrinces Group is a specialised food and beverage company with a global supply network offering a wide range of branded and private label products across the UK and Europe. Formerly known as Newlat Food, the Group was rebranded as NewPrinces Group following its acquisition of Princes Limited in 2024. Its portfolio includes well-known brands such as Princes, Napolina, Delverde, Branston (beans), Flora, and more.

The Kraft Heinz Company was advised by Houlihan Lokey as financial advisor, and Chiomenti and Gibson Dunn as legal counsel. EY provided transaction support.

Kraft Heinz is now entering a mandatory consultation period with the local unions in Italy.

ABOUT THE KRAFT HEINZ COMPANY

We are driving transformation at The Kraft Heinz Company (NASDAQ:KHC), inspired by our Purpose, Let's Make Life Delicious. Consumers are at the center of everything we do. With 2024 net sales of approximately $26 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of eight consumer-driven product platforms. As global citizens, we're dedicated to making a sustainable, ethical impact while helping feed the world in healthy, responsible ways. Learn more about our journey by visiting www.kraftheinzcompany.com or following us on LinkedIn.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words such as "believe," "expect," "intend," "focus," "accelerate," "grow," "will," "drive," "enhance," "create," and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the assets included in the proposed sale, that the sale is subject to customary closing conditions including regulatory clearances, the anticipated number of affected employees, the timing of closing, expected benefits of the proposed sale, impacts of the proposed sale on the Company's business, financial results, opportunities, and future plans, and other statements that are not historical facts, each of which is based on the Company's current beliefs, expectations, estimates, and projections. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company's control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Those factors include, but are not limited to, the timing of or failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the sale, the Company's ability to achieve intended benefits of the sale, the expected costs of the transaction, the success of business transitions, and the risk factors set forth in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. The Company disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.

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