article in Industry Week
To accompany a new tire factory in construction, Bridgestone said on Dec. 15 it would open a subsidiary dealing with production and sales in Vietnam next year, to accompany a new tire factory in construction.
The subsidiary company, Bridgestone Tire Manufacturing Vietnam, will be 100% owned by Bridgestone and will manage a factory in Vietnam due to begin operations in 2014, making tires for export to Europe, the United States and Japan.
The factory in Vietnam is expected to employ some 1,900 workers and have an output of 24,700 tires per day by 2016.
The company said the new subsidiary was necessary as it had already raised the production capacities of its factories in Thailand and Indonesia.
Bridgestone, which vies with France's Michelin to be the world's top tire maker, saw a net profit of 98.9 billion yen (US$1.18 billion) in 2010, a huge rise from a 1.04 billion yen profit in 2009.
The worldwide recovery in auto sales has been driven by emerging market demand from the likes of China, India and Brazil.