Bridgestone sells shares in China truck tyre plant

Following the closure of the Bridgestone (Huizhou) Tire Co., Ltd. (BSHZ) truck tyre plant in China late in 2021 and the relocation of its manufacturing to Shenyang, the former plant assets in Huizhou, Guangdong Province remained Bridgestone’s property. The company today agreed to sell all shares in BSHZ, including the ten per cent owned by Bridgestone (China) Investment Co. Ltd., to Huizhou Zhongkai Xinye Development.

Indirectly owned by the People’s Government of Huizhou Municipality, Huizhou Zhongkai Xinye Development is a real estate developer and consultant.

Bridgestone Corporation reports a selling price of RMB 285.4 million (£31.1 million) and anticipates that the shares will change hands on 30 June 2023. It says the sale of its shareholding will have a “minor” impact on the company’s consolidated financial results for 2023.