Tyre maker Bridgestone’s European subsidiary has announced the sale of its Russian assets to S8 Capital, a Russian diversified holding company. The deal has received all necessary regulatory approvals. The agreement includes a tyre manufacturing plant in Ulyanovsk and a sales and marketing office in Moscow.
Bridgestone has been present in Russia since 1998. The company suspended all manufacturing activities in Russia in March last year.
As part of the deal, about 1,000 employees will transfer to the buyer. Since the company’s first announcement in March 2022, Bridgestone has continued to support its Russian employees by paying their salaries and employee benefits in full. This is in line with the values promoted by the Bridgestone E8 commitment and in recognition of its employees’ contribution over the years.
The impact of the transfer of its assets to S8 Capital on its consolidated projections for 2023 is to be minor.
Headquartered in Zaventem (Belgium), Bridgestone EMIA employs more than 20,000 people and conducts business in 40 countries across the region.