Bridgestone has initiated the process to find a local buyer for its Russian assets, the tyre maker has said.
It cited “the general uncertainty and the ongoing supply issues in Russia” as the reason for the decision.
Bridgestone expects the process of finding a buyer and closing a deal to take “several months” to complete.
The company suspended all manufacturing activities in Russia back in March, as well as freezing any new investments and suspending all exports to the country following its invasion of Ukraine.
Bridgestone has been present in Russia since 1998 and has over 1,000 employees in the country, mainly in its tyre manufacturing plant in Ulyanovsk and sales and marketing office in Moscow.
Since March, Bridgestone says it has continued to support its Russian employees by paying their salaries and employee benefits in full.
Bridgestone’s business in Russia represents less than two per cent of the company’s global turnover.