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Firestone to Merge With Japanese Firm

February 16, 1988|Reuters

CHICAGO — The Firestone Tire & Rubber Co. today announced it would merge its tire-making operations into a joint venture with Japan's Bridgestone Corp.

The joint venture will be 75% controlled by Bridgestone, which will pay Firestone $1 billion. The venture will own and manage Firestone's tire business, the biggest of the Chicago-based company's three subsidiaries. Under the terms of the deal, Firestone will transfer tire assets and liabilities worth about $1.5 billion to the venture, in which it will retain 25% ownership.

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