Bridgestone Firestone North American Tire LLC (BFNT) and Ford Motor Co. have reached a joint settlement of all outstanding financial issues associated with Bridgestone/Firestone's voluntary safety recall in August 2000 and Ford's May 2001 tire replacement program.
"This agreement, under which (Bridgestone/Firestone) will pay Ford $240 million, settles all remaining matters between the two companies related to these campaigns," say BFNT officials.
The final settlement amount reflects compromises that led to an agreement acceptable to each company.
"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 (Bridgestone/Firestone) to put this matter behind it and focus on future business opportunities," says Shoshi Arakawa, executive vice president, international operations for Bridgestone Corp., BFNT's parent company.
