Nov 03, 2021
Bridgestone plans to exit the conveyor belt business by the end of 2024. The decision was made as part of Bridgestone's mid-term business plan for restructuring in the multi-product segment.
Bridgestone plans to gradually cut production and sales in this segment to minimize the impact on customers and suppliers, Bridgestone said in a November 1, 2021 statement.
Bridgestone's Conveyor Belt Division is located at Bridgestone's Tokyo headquarters and has production sites in Yokohama, Japan, and Rayong, Thailand, as well as a research and development center in Kanagawa. According to the Japanese company, they all manufacture and develop not only conveyor belts, but also other products, so they will not be closed.
Conveyor belts are part of Bridgestone's chemical and industrial business. It reportedly accounts for about half of Bridgestone's multi-product sales; for example, last year the company's sales in this segment were 510 billion yen (3.8 billion euros), and adjusted operating income - 9.7 billion yen.
Bridgestone said the decision was made after a careful assessment of the business's prospects, profitability and potential.