US food and consumer goods giant Procter & Gamble is reportedly considering the sale of its snack business, which includes the Pringles crisps brand.

P&G is looking to sell the snacks business, as well as the company’s Folgers coffee brand, in order to finance a bid for German consumer goods firm Beiersdorf, owner of the Nivea brand, reported The Sunday Times.

The Pringles brand has annual sales of over US$1.5bn, while Folgers has sales of around $1.1bn, and both brands are among the company’s top 13 brands.

P&G chairman Alan Lafley has been quietly sounding out buyers for the snacks business, the paper said.