TOKYO—Bridgestone Corp.'s growth strategy for the coming decade includes an increased focus on expanding its "solutions" business and forays into areas outside of tire and rubber-goods manufacturing, the company disclosed in its business plan covering the next 10 years.
To be carried out in four stages, the mid-term plan will be aligned with the ongoing Bridgestone 3.0 restructuring program, which is intended to improve profitably across tire and rubber activities, Bridgestone said in a Feb. 16 presentation.
In the first phase, from 2021 through 2023, the Tokyo-based firm aims to rebuild earnings power through measures such as cutting fixed and variable costs and restructuring the manufacturing footprint within its core tire business.
In addition, Bridgestone will focus more on growth areas within its "solutions" business, initiatives that include expanding its tires-as-a-service subscription model, building its recycling/retreading businesses and extending the scope of its connected, IT-based mobility offerings such as Webfleet telematics.
"Solutions" related activities are expected to contribute 20 percent of total sales, up from 16 percent in 2020.