US food and consumer good giant Procter & Gamble has denied that it is considering the sale of its snacks business, which includes the Pringles crisps brand, and its Folgers coffee brand.
“We are not shopping Pringles,” chief financial officer Clayton Daley told investors at a conference in Boston. He added that P&G did not plan to sell its Folgers coffee brand either, reported Dow Jones Business News.
Rumours have been circulating this week that P&G is considering the sale of the two brands in order to finance a bid for German consumer products giant Beiersdorf, which owns the Nivea skin-care brand.
Separately, P&G raised its forecast for first-quarter earnings, citing strong volume growth.
The company now expects earnings for the quarter to 30 September to increase by 19-21% from US$1.04 a share a year earlier.