Bridgestone began full-scale operations in Russia in 1998, but operations ceased in March 2022 after Russia’s full-scale invasion of Ukraine.
Japanese tire maker Bridgestone will sell its Russian assets to diversified holding company S8 Capital. This was announced on Wednesday, December 20, on the company’s official website.
The company noted that the deal has received all necessary regulatory approvals and includes the sale of a tire manufacturing plant in Ulyanovsk and a sales and marketing department in Moscow. At the same time, 1,000 employees of the Russian Bridgestone plant will keep their jobs.
The amount of the transaction was not disclosed, but, according to various sources, it was from $77 million.
As you know, Bridgestone has been present on the Russian market since 1998. The company suspended all production in Russia in March last year.
Bridgestone Corporation is first in Japan and second in the world (after Goodyear) in production volume. In addition, the company is one of the largest suppliers of specialized tires for car racing.
The founder and shareholder of S8 Capital holding is Russian businessman Armen Meruzhanovich Sarkisyan.
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Russian occupiers of Crimea are selling the properties of Ukrainian businessman Igor Kolomoisky, allegedly “nationalized.”
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.