Mexican Media Brands
Bridgestone Divests Venezuelan Tire Operations
Bridgestone Corp. has agreed to divest its tiremaking operations in Venezuela to the Corimon Group, a Caracas-based paints and resins conglomerate.
Share
Bridgestone Corp. has agreed to divest its tiremaking operations in Venezuela to the Corimon Group, a Caracas-based paints and resins conglomerate. Terms were not disclosed.
The company deconsolidated its business in the third quarter of 2015 and says it will shift its regional investments to other Latin American markets. The sale will have no financial impact on the parent company.
Bridgestone has done business in Venezuela for 62 years. It says its former subsidiary, Bridgestone Firestone Venezolana C.A., will be operated by Corimon as Alice Neumaticos de Venezuela.
The divestiture is the latest move among many foreign companies to cut back or abandon operations in Venezuela. Numerous U.S. carmakers and supplier have struggled to maintain businesses in the country amid Venezuela's contracting economy and government-regulated exchange rates that make it difficult to obtain enough hard currency to pay for imported parts.
RELATED CONTENT
-
Choosing the Right Fasteners for Automotive
PennEngineering makes hundreds of different fasteners for the automotive industry with standard and custom products as well as automated assembly solutions. Discover how they’re used and how to select the right one. (Sponsored Content)
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
-
Plastics: The Tortoise and the Hare
Plastic may not be in the news as much as some automotive materials these days, but its gram-by-gram assimilation could accelerate dramatically.
