July 3, 2020

Firestone Liberia Corporate Reorganization Statement

Harbel, Liberia

Firestone Liberia Corporate Reorganization Statement

Firestone Liberia will undergo an internal corporate reorganization. This step is in line with efforts to mitigate the significant and sustained losses the company has experienced over the last decade, which have been compounded by the current effects of the global pandemic on the demand for natural rubber.

The corporate restructure, under which Firestone Liberia intends to convert from a corporation to a limited liability company, is driven by requirements under United States law, and will better manage Firestone Liberia’s debt burden to its parent company. The decision has been communicated to the Government of Liberia, and changes will not impact the company’s obligations under the Concession Agreement entered into with the Government of Liberia, nor its tax obligations within Liberia. 

Bridgestone Americas and its indirect subsidiary, Firestone Liberia, regularly evaluate all aspects of its businesses to optimize the portfolio and ensure the best allocation of both people and resources. The actions taken by Firestone Liberia to address the continued and unsustainable financial losses are all part of the ultimate objective of remaining a core investor in the country of Liberia.