Swiss food giant Nestlé is considering options to divest its PowerBar energy bars brand, as it is facing stiffened competition from other brands.
The sale could fetch millions of dollars to Nestlé, reported Reuters citing sources familiar with the matter who asked not to be identified.
Founded by Brian Maxwell, a Canadian athlete and entrepreneur, the PowerBar brand offers a wide range of energy bars, sports drinks, gels and protein supplements. It generates revenues of about $175, one of the source said.
Nestlé gained ownership of the brand in 2000 in an undisclosed price deal; however, it was estimated at $375m by some media reports.
In the recent months, various companies have been divesting underperforming businesses - in August, Dutch firm Unilever struck a deal to sell its Wish-Bone and Western dressings brands to Pinnacle Foods; in February, it sold Skippy peanut butter business to Hormel Foods.
Campbell Soup is evaluating sale of its business in Europe to a UK-based private equity firm CVC Capital Partners.
