Zug, Switzerland – Construction materials and products group LafargeHolcim has completed the $3.4 billion (€2.8 billion) acquisition of Firestone Building Products (FBP) from Bridgestone.
The move will enable Bridgestone to further focus on providing tires and advanced mobility solutions to customers, the Japanese tire & rubber group announced in a 1 April statement.
“The completion of this sale is an important milestone in Bridgestone’s journey to become a sustainable solutions company,” said Paolo Ferrari, president, CEO & COO of Bridgestone Americas.
“We are taking action to reshape our portfolio so that we can invest our resources to strengthen Bridgestone’s growing core tire business and quickly expand our mobility solutions offering.”
The divestment is part of Bridgestone’s mid-long term business strategy, which aims to strengthen the core tire business and to evolve the group into “a sustainable solutions company.”
“This divestiture will allow Bridgestone to further rebuild our earning power as we progress in our journey to become a sustainable solutions company that delivers customer and social value,” said group CEO Shuichi Ishibashi.
“It also will enable Firestone Building Products to deliver on its strategic growth plans as part of the LafargeHolcim family. We believe this is a positive step that will deliver a more sustainable future for all.”
According to Bridgestone, Firestone Building Products’ employees have transitioned to LafargeHolcim and will remain based in Nashville, Tennessee.