Procter & Gamble

(PG) - Get Report

is exploring strategic alternatives for its Sunny Delight and Punica juice drinks, including a possible sale of the brands and their related assets.

"The Sunny Delight and Punica businesses have made significant progress on delivering a better cost structure, better brand equity and are leading brands in their home markets," P&G said in a press release. "However, while the juice-based market is large, the business model is better for companies that have chosen juice beverages as a corporate priority."

P&G is soliciting offers for the refrigerated drink/juice businesses and will consider a sale or alternative offers for the operations as a group or as individual units. The company has hired Goldman Sachs to act as the adviser on any eventual transaction.

Sunny Delight has a number of juice drinks under the brand, and Punica is sold primarily in Germany.

Shares of P&G were recently down 19 cents to $88.10 on the

New York Stock Exchange