Bridgestone suspending tire production in Russia, deliveries, investment

ULYANOVSK. March 14 (Interfax) - Bridgestone is suspending tire production at its plant in Ulyanovsk, deliveries to Russia and investment until further notice, the Japanese tire maker said in a statement.

The Ukraine crisis has affected a great many people and many areas of business, the company said. "Bridgestone has been carefully assessing the impact of this challenging situation. As a result, we decided to suspend our manufacturing activities in Russia, until further notice. The decision will take effect next Friday 18 March after the necessary preparations. The company has also decided to freeze any new investments and suspend all exports to Russia with immediate effect," it said.

The company, which has 1,100 employees in Russia, will continue to care for and support them financially at this time, it said.

"As the situation further unfolds, Bridgestone's global and regional management will continue to closely monitor the situation and flexibly adapt plans when needed. We expect manufacturing output outside Russia to remain stable in the coming weeks," the company said.

Bridgestone started to produce tires in Ulyanovsk in May 2017. The plant's capacity is up to 2 million tires per year with 12.5 billion rubles invested in the project.