Bridgestone Europe NV/SA has completed the sale of its Russian operations to S8 Capital, a diversified holding company based in Russia. The transaction, which has received all necessary regulatory approvals, includes a tire manufacturing plant in Ulyanovsk and a sales and marketing office in Moscow. The company, which first established its presence in Russia in 1998, had suspended all manufacturing activities in the country in March 2021. As a result of the sale, approximately 1,000 Bridgestone employees in Russia will transfer to S8 Capital, the company said.
Bridgestone said it has maintained support for its Russian workforce since the suspension of operations, continuing to provide full salaries and employee benefits. This decision aligns with the principles of the Bridgestone E8 Commitment, reflecting the company’s recognition of its employees’ contributions over the years, it said.
The impact of this asset transfer on Bridgestone’s consolidated projections for 2023 is expected to be minimal, according to the company.
Bridgestone in Europe, Middle East, India, and Africa (EMIA) operates as a strategic business unit of Bridgestone Corporation. The unit, headquartered in Zaventem, Belgium, employs over 20,000 people and operates in 40 countries across the region.