By TT News| Nov 02, 2021

Bridgestone To Withdraw From Conveyor Belt Business

Bridgestone Corporation, a global tyre and rubber company, has withdrawn from its conveyor belt business. 

The move comes after the company recognised its inability to provide both social and customer value while securing profitability. Bridgestone announced that it will reduce the production and sales of the product gradually to minimise the impact on the operations of its customers and will completely stop production by the end of 2024. In line with the company’s Mid Term Business Plan (2021-2023), the company aims to restructure its portfolio of rubber products and focus on products that it is proficient at.

Bridgestone's chemical and industrial products division, which accounts for roughly half of the group’s overall sales, has experienced numerous similar withdrawals over the years due to changing social and corporate needs. Bridgestone is working with local communities to lessen the impact of the closure and believes present employees will be able to continue working as Bridgestone Group employees. (TT)

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