Nestle (NSRGY) is looking to sell off its PowerBar brand.
According to Reuters, the PowerBar brand pulls in about $175 million in revenue for Nestle and is expected to sell for several hundred million dollars. The company purchased the PowerBar brand, which was created by Canadian athlete and entrepreneur Brian Maxwell, in 2000. The brand was bought for an unknown amount, but it was estimated that Nestle paid around $375 million for it. Nestle has missed its sales targets for the first half of 2013 and is looking at its 8,000 brands to find out what is holding it back. Along with PowerBar, the company may also try to sell its Jenny Craig diet centers and Lean Cuisine frozen meals.
“As a matter of principle, we do not comment on market rumors,” Nestle told Just-Food when its was asked if its was selling PowerBar.