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.
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“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.
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