Switzerland's biggest brewery, Feldschlösschen, is to stop making beer. The company said it planned to sell its beer and soft drinks division by the end of the year.

Switzerland's biggest brewery, Feldschlösschen, is to stop making beer. The company said it planned to sell its beer and soft drinks division by the end of the year.

Feldschlösschen said in a statement it was looking for a buyer with knowledge of the beer business and international experience. It said it planned to auction off the beverage division, and had engaged Credit Suisse First Boston to find prospective buyers.

It added that the mineral water business may be sold off separately from its beer producing division. Feldschlösschen produces the Passuger and Arkina brands of water.

The company said the decision to sell had been made because of the unsatisfactory development of the drinks business. It cited increasing globalisation and overcapacity in the industry.

Feldschlösschen said that, after the sale was completed, the holding company comprising the group's real estate operations would remain listed on the stock exchange. The group's real estate portfolio consists of 213 properties with a value of just over SFr 1 billion.

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