Nestle said to be looking to offload PowerBar

Nestle said to be looking to offload PowerBar

Nestle has refused to be drawn on a report it is looking to sell its energy bar business PowerBar.

Reuters has claimed the company is looking to offload the brand, citing four anonymous sources.

However, Nestle declined to comment on the report. "As a matter of principle, we do not comment on market rumours," the company said.

Nestle acquired PowerBar in 2000 for an undisclosed sum, although reports at the time said the company paid US$375m. The brand was founded by Canadian athlete Brian Maxwell in 1986. The deal was part of a drive by the world's largest food maker to move into nutrition.

The PowerBar product portfolio included energy bars, sports drink mixes and supplements.