Bridgestone Firestone Announces Settlement With Ford Motor Company
Nashville, Tenn. (Oct. 12, 2005) - Bridgestone Firestone North American Tire, LLC (“Firestone”), a subsidiary of Bridgestone Americas Holding, Inc. (BSAH), and the Ford Motor Company have reached a joint settlement of all outstanding financial issues associated with Firestone’s August 2000 voluntary safety recall and Ford’s May 2001 tire replacement program. This agreement, under which Firestone will pay Ford $240 million, settles all remaining matters between the two companies related to these campaigns.
The final settlement amount reflects compromises that led to an agreement acceptable to each company. “We’re pleased to have reached a satisfactory settlement with Ford Motor Company,” said Saul Solomon, vice president and general counsel of BSAH.
“The Bridgestone group benefits from the certainty that a settlement brings,” said Shoshi Arakawa, executive vice president, international operations of Bridgestone Corporation, parent company of BSAH. “It is clear that the best option for the future of the North American tire business was to explore whether an acceptable settlement could be reached which would allow Firestone to put this matter behind it and focus on its future business opportunities. This settlement achieves that goal.”
About Bridgestone Firestone North American Tire, LLC:
Nashville-based Bridgestone Firestone North American Tire, LLC is a subsidiary of Bridgestone Americas Holding, Inc., whose parent company, Bridgestone Corporation, is the world’s largest tire and rubber company. BFNT develops, manufactures and markets Bridgestone, Firestone, Dayton and associate and private brand tires. The company is focused on wholesale and original equipment markets, supplying passenger, light truck, commercial vehicle, off-road, motorcycle, agricultural and other tires to its customers in North America.
About Bridgestone Corporation:
Bridgestone Corporation, headquartered in Tokyo, is the world's largest manufacturer of tires and other rubber
products. Tires account for 80 percent of Bridgestone Group sales worldwide. The company also manufactures
industrial rubber and chemical products, sporting goods, and other diversified products. It sells its tires and other
products in more than 150 nations.
About Bridgestone Americas Holding, Inc.:
Nashville-based Bridgestone Americas Holding, Inc. (BSAH) is the U.S. subsidiary of the Bridgestone Corporation, the
world’s largest tire and rubber company. BSAH and its subsidiaries develop, manufacture and market a wide range of
Bridgestone, Firestone, Dayton and associate and private brand tires to address the needs of a broad range of
customers, including consumers, automotive and commercial vehicle original equipment manufacturers and those in
the agricultural, forestry and mining industries. The companies also produce air springs, roofing materials, synthetic
rubber and industrial fibers and textiles and operate the world’s largest chain of automotive tire and service centers