Kanebo Ltd. will quit its beverage business by selling its soft drink subsidiary LB Ltd. to Asahi Breweries Ltd. for just under 10 billion yen ($91 million), the Nihon Keizai Shimbun reported.

Kanebo, a household products maker in rehabilitation under the state-run Industrial Revitalization Corp. of Japan, will sign a deal with Asahi Breweries, under which Kanebo will sell most of its 99% stake in LB to the beer manufacturer, the report said.

LB is based in Aichi Prefecture and sells chilled beverages through dairy product vendors nationwide.