MILAN (Reuters) - Global packaged food group Kraft Heinz ( KHC ) is working with investment bank Houlihan Lokey ( HLI ) to sell its Italy-based infant food product brand Plasmon, two sources close to the matter said on Tuesday.

Kraft Heinz ( KHC ) tried to sell the Italian business back in 2019 but eventually decided to keep it.

Binding offers are expected by March, one of the sources added.

Asked for a comment, a Kraft Heinz ( KHC ) spokesperson said the group does not comment on market speculation or rumours. Houlihan Lokey ( HLI ) declined to comment.

The 123-year-old Plasmon sells a range of products including first milk, homogenized baby food, pasta and fruit compote for babies.

Plasmon is a well known brand for baby food in Italy, where it realises most of its revenues. However, it has felt the impact of low birth rates in Italy over the past few years.