SEPTEMBER 29, 2000
More pain for Bridgestone
The government of Saudi Arabia has become the first to ban Firestone tires, following the recall of 6.5 million of the company's 15-inch tires as a result of a series of tire failures in the United States of America. The company is being linked to at least 101 fatalities which allegedly resulted from tire failures. Since the crisis began Bridgestone (Firestone's parent company) has lost 47% of its value.
Firestone said that the Saudi reaction was "uncalled for and extreme" and protested to the US government about the ban. Bridgestone says it has plans to revive the Firestone brand but it is expected that the name will be axed because of negative publicity with the company using the Bridgestone name instead.