Bridgestone Corporation declared that it has completed expense and cost structure reformation for all regions and business areas as part of its Mid-Term Business Plan (2021-2023) . It aspires to become a "strong" Bridgestone by improving business portfolio management and adapting to changes in the business environment, restoring earning power in its core business through expense and cost structure reformation and enforcing the premium business strategy as a foundation, and increasing strategic growth investments in growth and exploratory business.
Bridgestone Corporation has decided to sell all of the stock of Bridgestone (Huizhou) Synthetic Rubber Co., Ltd. (BSRC), its Chinese subsidiary that manufactures synthetic rubber for passenger car tyres, to LCY Chemical Corporation, a company that operates in the materials and chemicals business on a global scale. Its sale price hasn't been revealed.
The Bridgestone Group has improved its vertical integration, allowing it to conduct extensive internal manufacturing of raw materials, tyre R&D and production, sales, and services in order to achieve global tyre business optimization. On the other hand, in light of the current volatile and uncertain business environment, the Group has increased its business portfolio reorganisation so that it can respond quickly to changes in the environment without jeopardising the worldwide optimization of its tyre business. The Group has looked into restructuring in the hopes of achieving long-term growth for the company and its employees.
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Bridgestone Corporation made the decision to sell BSRC because it believes that by doing so, BSRC would be able to create new synergies with LCY, which has strong competence in the materials and chemicals business, and will be able to deliver social value and customer benefit in the long run.
Under LCY, BSRC teammates will begin working in a new atmosphere. Bridgestone Corporation believes that through leveraging synergy with LCY, they may achieve even more growth. It will also take appropriate initiatives with its customers and suppliers to reduce their financial burdens as a result of the sales.
The Bridgestone Group will transform into a long-term solutions provider that improves business portfolio management, is adaptable to change, and consistently delivers social and consumer value. It will notify stakeholders at the appropriate time about business portfolio reorganisation and manufacturing footprint restructuring.
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