Bridgestone to buy stake in Nokian Tyres

NOKIA, Finland (Feb. 24)—Bridgestone Corp. is acquiring an 18.9-percent ownership stake in Nokian Tyres P.L.C., agreeing to buy Nokia Corp.'s 2 million shares of Nokian Tyres for $73.2 million. The deal is conditional pending approval by German antitrust authorities, Nokian said. Telecom giant Nokia's shareholding in Nokian Tyres dates to 1994 when Nokia spun Nokian off into a separate, publicly traded entity. Nokia agreed to sell its shares to Bridgestone Europe N.V./S.A., Bridgestone's Brussels, Belgium-based European division. Bridgestone and Nokian will examine ways to complement each other's product development, testing and distribution operations, said Shoshi Arakawa, Bridgestone Europe chairman and CEO. "Nokian Tyres has an excellent record of growth and profit. Its expertise is in developing and marketing products for Nordic markets, especially winter tires. I am convinced that there are numerous synergies between our two companies, and that we can be strategic partners for the future," Arakawa said in a prepared statement.