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- '97 Limited
Friday November 10, 5:08 am Eastern Time
Bridgestone says U.S. Firestone sales down 40 pct
TOKYO, Nov 10 (Reuters) - Japan's Bridgestone Corp said on Friday sales of its troubled Firestone brand in the U.S. tyre replacement market had fallen 40 percent in September and October from the same period a year ago.
But Bridgestone President Yoichiro Kaizaki said this had been offset by stronger sales of other Bridgestone group brands and that its total tyre sales, including sales to automakers, had fallen by less than 10 percent.
Last August Firestone announced a recall of 6.5 million tyres in the United States following reports of deadly accidents involving tyres mostly fitted on Ford Motor Co (NYSE:F - news) Explorer sports utility vehicles.
Kaizaki declined to give specific sales levels or to comment on the number of lawsuits and potential legal costs the company was facing.
``I really have no idea what the costs will be,'' he told a news conference, but added he knew this was the single biggest factor dragging down Bridgestone's share price.
Prior to the news conference, the shares closed at 1,105 yen, down one percent on the day and roughly half their value in early August, although they are above a nine-year intraday low of 938 yen hit late last month.
Bridgestone said it was still trying to determine what caused shredding of some Firestone tyres and continued to suggest tyre inflation pressure levels may have played a large role -- an issue that has become a key sore point between Firestone and Ford Motor.
Firestone said earlier this week it was focusing on design differences among affected tyres and how they were made at its Decatur plant.
Government investigators in the United States and Venezuela have received reports of 165 deaths linked to Firestone tyres and Ford has insisted the accidents resulted from a tyre problem.
But safety advocates and plaintiff attorneys have said Ford shares the blame for the problem because it recommended tyres be inflated to 26 pounds per square inch, lower than Firestone's recommended 30 psi.
Ford has since lifted its recommendation to match Firestone's
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Whats everyone think? End of Firestone?
Bridgestone says U.S. Firestone sales down 40 pct
TOKYO, Nov 10 (Reuters) - Japan's Bridgestone Corp said on Friday sales of its troubled Firestone brand in the U.S. tyre replacement market had fallen 40 percent in September and October from the same period a year ago.
But Bridgestone President Yoichiro Kaizaki said this had been offset by stronger sales of other Bridgestone group brands and that its total tyre sales, including sales to automakers, had fallen by less than 10 percent.
Last August Firestone announced a recall of 6.5 million tyres in the United States following reports of deadly accidents involving tyres mostly fitted on Ford Motor Co (NYSE:F - news) Explorer sports utility vehicles.
Kaizaki declined to give specific sales levels or to comment on the number of lawsuits and potential legal costs the company was facing.
``I really have no idea what the costs will be,'' he told a news conference, but added he knew this was the single biggest factor dragging down Bridgestone's share price.
Prior to the news conference, the shares closed at 1,105 yen, down one percent on the day and roughly half their value in early August, although they are above a nine-year intraday low of 938 yen hit late last month.
Bridgestone said it was still trying to determine what caused shredding of some Firestone tyres and continued to suggest tyre inflation pressure levels may have played a large role -- an issue that has become a key sore point between Firestone and Ford Motor.
Firestone said earlier this week it was focusing on design differences among affected tyres and how they were made at its Decatur plant.
Government investigators in the United States and Venezuela have received reports of 165 deaths linked to Firestone tyres and Ford has insisted the accidents resulted from a tyre problem.
But safety advocates and plaintiff attorneys have said Ford shares the blame for the problem because it recommended tyres be inflated to 26 pounds per square inch, lower than Firestone's recommended 30 psi.
Ford has since lifted its recommendation to match Firestone's
---------------
Whats everyone think? End of Firestone?
I will NEVER be able to retire! 
