BRUSSELS—Bridgestone Corp. is "making progress" with plans to withdraw from tire manufacturing activities in Russia, the Japanese company told European Rubber Journal recently.
"The company is still firmly committed to exit," Bridgestone noted in a written statement to ERJ, adding that a deal was expected "to close in due course." It did not comment directly on media reports in Europe suggesting that S8 Capital—which recently acquired Continental A.G.'s Russian operations—was also purchasing Bridgestone's assets.
Continental sold its tires and automotive-parts manufacturing operation in Kaluga to S8 Capital on May 2, followed several days later by Michelin's announcing the sale of its Russia-based companies, Michelin Russia Tyre Manufacturing Co. L.L.C. and Camso CIS L.L.C.—to Russian tire distributor Power International Tires L.L.C.