Global drinks giant PepsiCo has denied speculation it is flirting with the idea of selling off its Australian snack business, which includes brands such as Smith’s chips and Nobby’s nuts.
The Australian’s Data Room reported the major drinks producer was looking to place its local snacks assets on the market for a potential new buyer.
However, the local division of the New York Stock Exchange company, PepsiCo ANZ, said the speculation was completely false.
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“There is absolutely no truth to this rumour,” a spokeswoman said.
Earlier, it had been reported PepsiCo had been scoping out consultants to look at the potential demerger of its Australian food operations.
Asides from Smith’s chips, the company owns Red Rock Deli, Twisties, Cheetos, Burger Rings, Doritos and Sakata crackers.
Speculation arose following reports PepsiCo was looking to retain only its global brands within its portfolio, which predominantly skew towards its drink business.
The rumours follow the sale of a number of high profile Australian brands in recent years by major food and beverage conglomerates.
In 2019, Campbell Soup Company sold Arnott’s biscuits to Kohlberg Kravis Roberts for $3.2bn.
Nestle has also spun out Violet Crumble and Life Savers, while confectionary giant Mondelez sold Vegemite to Bega Cheese in 2017.
PepsiCo acquired SodaStream International in 2018.
Business Reporter
Gerard Cockburn is a business reporter. Prior to joining The Australian, he has worked as a journalist for the Courier Mail and published in The Age.
