TOKYO—Bridgestone is progressing the 2021-2023 mid-term strategy to streamline its operations, with a deal to divest its Sports Arena business.
The business, part of Bridgestone Sports Co. Ltd., operates 21 swimming and tennis academies as well as certain school operations, said Bridgestone in a Feb. 14 statement.
It employs 683 people and reported sales of $18.2 million (Yen 2.1 billion) in 2020.
The Japanese group is selling the unit to Nagase Co. Ltd., which it said is a "leading private education company" that operates swimming pools and some comprehensive schools.
Bridgestone did not disclose the terms of the agreement but said it expected the deal to be completed by the end of March.
This is the latest in a series of divestments by Bridgestone, which are aimed at narrowing the group's focus on core businesses, namely tires.
