BRDCY Bridgestone Corp (PK)

By Kosaku Narioka

Bridgestone Corp. said Monday that it plans to sell its business in Russia to a local entity, citing uncertainty over supply challenges.

The Japanese tire maker said it expected more losses from the potential exit, in addition to the Russia business-related losses of 16.8 billion yen ($113.9 million) it booked in the second quarter.

Bridgestone said its Russia business made up less than 2% of total revenue and didn't issue any changes to its fiscal-year earnings guidance.

The company said it will take a few months to select the buyer and complete the sale.

Bridgestone in March suspend manufacturing activities in Russia and exports of tires to Russia following the country's invasion of Ukraine.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

October 31, 2022 04:23 ET (08:23 GMT)

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