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
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.
-
The Koenigsegg Jesko Has An Amazing Engine
It is hard to believe that this is a vehicle in “serial” production with such extraordinary powertrain performance
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
