TOKYO (Dec. 16, 2011)—Bridgestone Corp. is establishing a manufacturing and export sales company in Vietnam to support its decision to build a $457 million tire factory in the country.
The new company, Bridgestone Tire Manufacturing Vietnam L.L.C. in Hai Phong City, will oversee the project to build the passenger radial tire plant in Hai Phong, a port city on the Gulf of Tonkin that's considered Vietnam's third largest city with a population of nearly 2 million.
The plant, due on stream before mid-2014, will be capable of producing 24,700 units daily at full capacity by early 2016. It will produce primarily replacement tires for the European, North American and Japanese markets, Bridgestone said, and will supplement production capacities in Indonesia and Thailand.
The plant will employ about 1,900 at full capacity, Bridgestone said.
The new sales company—being capitalized at $307.8 million—will start operations in February.