Bridgestone Plans to Sell Russia Business
31 October 2022 - 7:38PM
Dow Jones News
By Kosaku Narioka
Bridgestone Corp. said Monday that it plans to sell its business
in Russia to a local entity, citing uncertainty over supply
challenges.
The Japanese tire maker said it expected more losses from the
potential exit, in addition to the Russia business-related losses
of 16.8 billion yen ($113.9 million) it booked in the second
quarter.
Bridgestone said its Russia business made up less than 2% of
total revenue and didn't issue any changes to its fiscal-year
earnings guidance.
The company said it will take a few months to select the buyer
and complete the sale.
Bridgestone in March suspend manufacturing activities in Russia
and exports of tires to Russia following the country's invasion of
Ukraine.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 31, 2022 04:23 ET (08:23 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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