TOKYO—Bridgestone Corp. is wrapping up its mid-term business plan (2021-2023) with a $720 million investment program in the expansion of its premium tire business.
The investment is part of Bridgestone's strategy to enhance its business performance and will see the group more than doubling its Capex this year, compared to 2021 and 2022 combined.
Over the three-year period, Bridgestone said it will invest a total of $2 billion in capacity expansions to support the strategy and to finish the year with "return to a strong Bridgestone."
In the passenger car segment, the Tokyo-based group said it will strengthen manufacturing structure for premium tires across 20 sites globally.
The program will include investing in the replacement of manufacturing equipment and increasing capacity for high-rim diameter tires.
To achieve this, Bridgestone said it is carrying out capacity expansions at facilities in Brazil, Costa Rica and Japan.