Following the continued conflict between Russia and Ukraine, the multinational Bridgestone Corporation has announced that it will suspend all activity in Russia.
In a press release, it was announced that all the manufacturing plants in the country would cease operations from the 18th of March. The decision to do so was made today after apparent consideration and assessment of the situation, as well as the impact that it has on employees. Alongside the suspension of manufacturing operations, the Bridgestone Corporation has also stated that it will freeze all new capital investments. The manufacturing plant located in Russia accounts for less than 2% of the company’s total revenue. The tyre titan has also pledged to return all expatriate workers, as well as their families, from Russia to Japan.
According to Bridgestone, their decision stems from their commitment to the “Bridgestone E8 Commitment” which essentially dictates the actions and behaviours of the company. “The Bridgestone E8 Commitment consists of 8 Bridgestone-like values starting with the letter “E” (Energy, Ecology, Efficiency, Extension, Economy, Emotion, Ease, and Empowerment) that the company commits to creating through Bridgestone-like “purpose” and “process” together with employees, society, its partners and customers to realise a sustainable society.”
The automotive industry has exhibited great support over the conflict in Ukraine. German automaker Porsche has been one of the many industry leaders to have shown their support through donations. The Bridgestone Corporation has promised to donate 2,5 million euros or R41 million to UNHCR (United Nations High Commissioner for Refugees). Different regional branches/groups have pledged to donate as well. As a collective, roughly 38 million euros or R63.8 million rand will be donated.
The continued conflict within the region of Ukraine will most likely see action taken by other industries and businesses which mirror the actions and sentiments of the Bridgestone Corporation. Reports and eyewitnesses have already noted that many businesses that have ceased operation in Russia.
Keyword: Bridgestone ceases manufacturing and export of all products in Russia