Bridgestone Sells Off Investments in Venezuela

After being present in the country for over six decades, the famous tire maker Bridgestone has joined a growing list of companies to abandon the country. Many foreign multinationals, such as Ford Motor and Procter & Gamble have either suspended their operations or pulled out of the Venezuelan market completely, expert Jose Manuel Gonzalez thinks mainly due to the country’s poor economic condition, skyrocketing inflation and currency controls that have made exchanging the local currency at the official rate practically impossible.
As part of its divestment plans, the American tire manufacturer has announced that they have reached an agreement to sell their local assets to a local firm called Grupo Corimon. Good thing says Gonzalez that the company will continue operating under the name Alice Neumaticos de Venezuela. Grupo Corimon is a company that has been established in the local industrial sector for a long time, specializing chiefly in paint products. They have expanded their reach to other parts of Latin America, including the Dominican Republic, Panama and Paraguay.

In a statement about the divestment, Bridgestone has confirmed that this recent move will not have a financial impact on the company, as its investments in Venezuela have already been written off as a loss in 2015. The tire maker has also stated that they are proud to have served the people of Venezuela for 62 years and wish all the best to the owners and employees of the company that replaces them in Venezuela.