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Bridgestone to sell off noncore US unit as red ink looms

Firestone Building Products lacks synergy for faltering tire giant, CEO says

Bridgestone is looking to unload its construction materials business in the U.S. due to a lack of synergy with its main tire business.   © Reuters

TOKYO -- Bridgestone plans to auction off Firestone's construction material subsidiary as part of a wider cost-cutting effort to recover from its first anticipated annual loss in 69 years, CEO Shuichi Ishibashi told Nikkei in an exclusive interview Friday.

The Japanese tiremaker is accepting bids on U.S.-based Firestone Building Products. A deal could be valued at over 200 billion yen ($1.9 billion).

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