Bridgestone ‘making progress’ with Russia withdrawal

Brussels – Bridgestone Corp. is “making progress” with plans to withdraw from tire manufacturing activities in Russia, said a statement from the Japanese group.

“The company is still firmly committed to exit,” Bridgestone emphasised in a written statement to ERJ, adding that a deal was expected “to close in due course”.

The comments came in response to reports suggesting that S8 Capital, which recently acquired Continental’s Russian operations, was also purchasing Bridgestone’s assets.

Continental sold its tires and automotive-parts manufacturing operation in Kaluga, to S8 Capital on 22 May, becoming the second major manufacturer to officially exit Russia.

Several days later Michelin announced the sale of its Russia-based companies Michelin Russia Tyre Manufacturing Co. LLC and Camso CIS LLC to tire distributor Power Int. Tires LLC.

With the transaction, Michelin has become the third major tire manufacturer, with Nokian and Continental, to fully withdraw from manufacturing activity in Russia. 

The other main players Pirelli and Yokohama Rubber Co. are continuing their production operations in the country.

Major tire manufacturers’ plants in Russia