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    5108   JP3830800003

BRIDGESTONE CORPORATION

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Bridgestone : Announces its Progress of Rebuilding Earning Power Based on Mid Term Business Plan Restructuring Synthetic Rubber Business in China

06/16/2021 | 06:38am EDT

Tokyo - Bridgestone Corporation announced that it has proceeded in expense and cost structure reformation for all regions and all business areas, on Mid Term Business Plan (2021-2023) 1announced on Feb 16, 2021.

It aims to evolve to a 'strong' Bridgestone, enhancing business portfolio management capable of adapting to business environment changes, rebuilding earning power of its core business through expense and cost structure reformation and enforcing the premium business strategy as a basis, and enhancing strategic growth investments to growth business and exploratory business.

As one of its initiatives, Bridgestone Corporation has decided that it will sell all shares of stock of Bridgestone (Huizhou) Synthetic Rubber Co., Ltd., (BSRC) its subsidiary in China manufacturing synthetic rubber for passenger car tires, to LCY Chemical Corporation, a company which operates materials and chemicals business on global basis. Its sale value is not disclosed.

The Bridgestone Group had enhanced vertical integration which enables the Group to conduct internal manufacturing of raw materials, tire R&D and production, sales and services thoroughly, aiming for global optimization of its tire business. On the other hand, under the recent business environment which is volatile and uncertain, the Group has enhanced its business portfolio restructuring so that it can take actions swiftly to environment changes without losing global optimization of its tire business. The Group has studied restructuring under the condition that the business and its teammates can also make sustainable growth.

Regarding BSRC, Bridgestone Corporation made the decision taking into consideration that through the sale to LCY, BSRC can make new synergy with LCY, having excellent expertise for materials and chemicals business, and can provide social value and customer value sustainably.

Teammates in BSRC will start working in new environment under LCY. Bridgestone Corporation believes that they can make further growth by maximizing synergy with LCY. It also will take appropriate actions to its customers and suppliers to minimize their burden through the sales.

The Bridgestone Group will evolve to a sustainable solutions company which enhances business portfolio management capable of adapting to changes and provides social value and customer value continuously. With regard to business portfolio restructuring and manufacturing footprint restructuring, it will announce to stakeholders at the appropriate timing.

The impact of this sales on forecast of Bridgestone's consolidated financial results for 2021 will be minor.

About Bridgestone Corporation

Headquartered in Tokyo, Bridgestone Corporation is a global leader providing sustainable mobility and advanced solutions. With a business presence in more than 150 countries worldwide, Bridgestone offers a diverse portfolio of original equipment and replacement tires, tire-centric solutions, mobility solutions, and other rubber-associated and diversified products that deliver social and customer value. Guided by its global corporate social responsibility commitment, Our Way to Serve, Bridgestone is dedicated to shaping a sustainable future of mobility and improving the way people around the world move, live, work and play.

Contact:

Tel: (506) 800 552 68 27

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 3 206 B 29 197 M 29 197 M
Net income 2021 301 B 2 744 M 2 744 M
Net cash 2021 174 B 1 581 M 1 581 M
P/E ratio 2021 11,3x
Yield 2021 2,84%
Capitalization 3 400 B 30 978 M 30 963 M
EV / Sales 2021 1,01x
EV / Sales 2022 0,94x
Nbr of Employees 138 036
Free-Float 79,8%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 4 828,00 JPY
Average target price 4 866,67 JPY
Spread / Average Target 0,80%
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Managers and Directors
Shuichi Ishibashi Chief Executive Officer & Director
Akihiro Eto President, Chief Operating Officer & Director
Masaaki Tsuya Chairman
Masato Sakano Chief Technology Officer
Scott Trevor Davis Independent Outside Director
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