Bridgestone Lowers Profit Forecast

Bridgestone Corporation has reduced its profits forecast for the year by 43 per cent; down to 40 billion Yen (322.3 million Euros) from 70 billion Yen. This is a result of the planned investment in the corporation’s European operations of 400 million Euros and a one-off charge of 300 million Euros to cover the write-down of equipment.

Analysts believe that Bridgestone is now concentrating on reviving its European operations, having concentrated on the US over the past couple of years, due to the Firestone recall. In the USA, Bridgestone/Firestone is set to make a profit of $70 million this year, compared to last year’s losses of $1.67 billion.