Japanese tyremaker Bridgestone to leave Russia, seeks local buyer for its plant
One of the world's top tyremakers, Bridgestone, said on Monday that it is looking for a local buyer for its Russian operations. The company cited uncertainty over the outlook and ongoing supply issues.
In March, Bridgestone had decided to suspend all manufacturing activities and freeze new investments in Russia after the country invaded Ukraine. Since the announcement, the company has continued to pay its Russian employees their salaries in full.
Bridgestone has more than 1,000 workers in Russia, mainly at its tyre factory in Ulyanovsk and sales office in Moscow. Russia represents less than 2% of its revenues, it said in a statement.
The process of finding a buyer and closing a deal would likely take several months, the company said. It expects the exit to add to the 16.8 billion yen ($113.5 million) impairment and other losses it booked in the second quarter.
