Japanese tyremaker Bridgestone to exit Russia, seeks local buyer

BRIDGESTONE

31/10/2022 08:13

TOKYO, Oct 31 (Reuters) - Japan's Bridgestone Corp
 5108.T , one of the world's top tyremakers, said on Monday it
had started to look for a local buyer for its Russian
operations, citing uncertainty over the outlook and ongoing
supply issues.
    Bridgestone had decided in March to suspend all
manufacturing activities and freeze new investments in Russia
following the country's invasion of Ukraine.
    The Tokyo-based company 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, Bridgestone 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.
    Bridgestone left its fiscal 2022 financial forecasts
announced in August intact and said it would announce any
changes to those projections swiftly.
    ($1 = 148.0000 yen)
 (Reporting by Chang-Ran Kim
Editing by Mark Potter)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228))