Bridgestone Tires Departing Venezuela

After sixty years in the South American country Venezuela, Bridgestone Tires will be selling off its assets. Bridgestone Tires is not the only large United States-based company to leave or slow its involvement in Venezuela due to recent economic hardship. Other businesses according to Corporation Wiki, that have done so include Halliburton, Ford Motor, and even Procter & Gamble. In a statement made Monday, May 23rd by Bridgestone Corporate, they confirmed the sale would not be affecting any of their stocks, options, or balance sheet as they wrote off the assets in Venezuela last year. They also verified the buyer to be one Grupo Corimon which is a Venezuelan native company and business entrepreneur group.
Further information from insider Norka on this new pieces also indicates that the new business that Grupo Corimon will be forming with the Bridgestone Tire assets will be called Alice Neumaticos de Venezuela. The Grupo Corimon (Corimon Group) is currently less by businessman Carlos Gill who has a long reputation of business and finance acquisitions much like the one between Bridgestone and Grupo Corimon. The business association also has Venezuelan businesses in pain, chemicals, and flexible packaging. They have yet to comment on the acquisition despite Bridgestone Corporates announcement.

 

 

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