Bridgestone Corporation announced today that it has completed the purchase of The Goodyear Tire & Rubber Company's 95 percent stake in Goodyear Sumatra Plantations (GSP) in North Sumatra, Indonesia, after receiving the requisite government approvals. The agreed price was approximately $62 million, subject to post-closing adjustments. Bridgestone, which announced the execution of sales and purchase agreement in principle on November 30, 2004, will rename the estate P.T. Bridgestone Sumatra Rubber Estate.
The estate began operations in 1917 and is one of the largest natural rubber estates in North Sumatra. Its activities include the planting, growing, tapping, and processing of natural rubber. The estate comprises approximately 18,000 total hectares (47,000 total acres) and has approximately 5,000 employees.
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Posted 10th August 2005
