Burns Philp & Co’s snack food business has been estimated to be worth between A$975m and A$1.170 bn, according to analysts at an investment bank.

The snack business is expected to be sold off. In a research note Goldman Sachs JBWere said the business was very attractive to other consumer food groups.

“It occupies relatively fast growing food categories and has strong brand positions, Uncle Tobys in Australia and Bluebird in New Zealand,” the bank’s analyst said.