Japanese tire maker Bridgestone pulls out of Russia, seeks local buyer

TOKYO: Japan’s Bridgestone, one of the world’s leading tire makers, said on Monday it had begun looking for a local buyer for its Russian business.

Bridgestone decided in March to suspend all manufacturing activities and freeze new investments in Russia in the wake of Russia’s invasion of Ukraine.

The Tokyo-based company employs more than 1,000 people in Russia, primarily at the Ulyanovsk tire plant and a sales office in Moscow. Russia accounts for less than 2% of revenue, the statement said.

The process of finding a buyer and closing the deal is likely to take months, Bridgestone said. The company expects the exit to add to his 16.8 billion yen ($113.5 million) impairment and other losses it booked in the second quarter.

Bridgestone said it will remain unchanged on its 2022 financial forecasts announced in August and will promptly announce any changes to those forecasts.

($1 = 148.0000 yen)