Sale of iconic chip maker may fetch up to $700 million.

Kettle Foods, the iconic producer of potato chips and other snacks, has been put up for sale and may fetch as much as $700 million, according to the Wall Street Journal and other reports. The Salem, Ore.-based company had $238 million in sales, according to the Web site of its owner, Lion Capital of London. The Wall Street Journal reported that Frito-Lay, Plano Texas, and Snyder’s of Hanover, Hanover, Pa., may be interested in acquiring Kettle Foods.

Established in 1978, Kettle Foods produces fried and baked potato chips, as well as roasted nuts, nut butters and tortilla chips and a “better-for-you” line of healthy snacks under the Kettle Bakes brand, according to Lion Capital.

Kettle has distribution throughout North America, Japan, Guam and Western Europe. About 730 people work for the company, which produces snacks out of its Salem, Ore., Beloit, Wis. and Norwich, United Kingdom facilities and makes more than 20 flavors and four varieties of potato chip offerings, five flavors of tortilla chips and a variety of nut butters and trail mixes.