Bridgestone Americas Inc., a subsidiary of Bridgestone Corporation, has completed the sale of Firestone Building Products to Holcim Participations (US) Inc, a subsidiary of LafargeHolcim Ltd.
First announced in January, the transaction, valued at $3.4 billion, will advance Bridgestone's efforts to deliver value to customers and society as a global leader providing tires and advanced mobility solutions.
"The completion of this sale is an important milestone on Bridgestone's journey to become a sustainable solutions company," said Paolo Ferrari, president, CEO and 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."
With this acquisition LafargeHolcim will add 15 manufacturing facilities, 1,800 distribution points, and three R&D laboratories to its network. Firestone Building Products will continue to be headquartered in Nashville, Tenn., and all 1,900 employees have transitioned to LafargeHolcim.
The divestiture of Firestone Building Products supports Bridgestone's Mid-Long Term Business Strategy. By focusing its business footprint to maximize the strengths of its core tire business, Bridgestone aims to evolve into a sustainable solutions company that supports the mobility and movement of people and goods around the world.
"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 Shuichi Ishibashi, global CEO and representative executive officer, Bridgestone Corporation. "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."
In addition to advancing Bridgestone's Mid-Long Term Business Strategy, the sale to LafargeHolcim positions Firestone Building Products, a leader in commercial roofing and building envelope solutions, for continued growth and success. Both Firestone Building Products and LafargeHolcim serve commercial building customers and have a shared focus on delivering innovative and sustainable building solutions.