TOKYO, October 31. /TASS/. Japan’s producer of tires Bridgestone, which suspended the operation of its facility in Ulyanovsk and new investments in Russia in March, has started the process of finding a local buyer for its Russian assets, according to a statement published on its website on Monday.
"In light of the general uncertainty and the ongoing supply issues in Russia, Bridgestone announces that it has initiated the process to find a local buyer for its Russian assets," the company said, adding that the process of finding a buyer is expected to take several months to complete.
Bridgestone that started working in Russia in 1998, decided to suspend the operation of its car tire plant in Ulyanovsk due to the situation around Ukraine in March. New investments in Russia were also frozen. Bridgestone also stopped exporting tires to Russia.
"The work on logistics optimization and feedstock supply continues. Bridgestone has always been interested in finding a long-term solution for the company’s staff and business partners, which is why today it is considering the transfer of its assets in Russia to a local buyer, a third party or local management," Russia’s Industry and Trade Ministry noted. According to figures provided by the ministry, there are over 1,000 Bridgestone’s employees in Russia now. The production capacity is 2.4 mln tires per year.
Bridgestone’s business in Russia represents less than 2% of the company’s global turnover.