Bridgestone Firestone Announces Settlement With Ford Motor Company

Bridgestone Firestone North American Tire, LLC, a subsidiary of Bridgestone Americas Holding, Inc., and the Ford Motor Company announced a joint settlement of all outstanding financial issues associated with Firestone’s August 2000 voluntary safety recall and Ford’s May 2001 tire replacement program. The October 12th agreement, under which Firestone will pay Ford $US 240 million, settles all remaining matters between the two companies related to these campaigns. The final settlement amount reflects compromises that led to an agreement acceptable to each company. “We’re pleased to have reached a satisfactory settlement with Ford Motor Company,” said Saul Solomon, vice president and general counsel of Bridgestone Americas Holding Inc. “The Bridgestone group benefits from the certainty that a settlement brings,” said Shoshi Arakawa, executive vice president, international operations of Bridgestone Corporation. “It is clear that the best option for the future of the North American tire business was to explore whether an acceptable settlement could be reached which would allow Firestone to put this matter behind it and focus on its future business opportunities. This settlement achieves that goal.”