While the multinational Bridgestone manages before the government of Javier Milei the approval to apply A plan of 290 layoffs in Argentinathe parent house takes shares internationally that leave the Argentine subsidiary In that negotiation.
It happens that the company argues in Argentina that it is obliged to reduce its operations Due to an adverse national economic context that is affecting its profitability. And for that he asks the Ministry of Labor for reopen the preventive crisis procedure for which he already completed more than 400 layoffs last year.
The guild, on the other hand, states that this order It is illegal and denounces that There are no negative conditions described by the company. Even the unit of crisis of the labor portfolio issued a dictation that clarifies that Bridgestone did not present sufficient documentation to prove the alleged emergency situation.
Meanwhile, from outside, elements are added that They question the reality of the national scenario raised by the company. And they actually refer A plan launched by the Central House in Japan To apply an expense cutting program, with plant and layout closures, in several of the markets where it is present.
The most recent fact about the existence of a global adjustment plan in Bridgestone was known on Monday: The company launched a plan to repurate its own shares for US $ 2,000 million that will keep until December 23.
The repurchase represents 11% of the company’s share capital. As soon as the news was known, the price of the shares registered a rise of almost 6%. And although in later days the paper value corrected slightly towards the drop, currently It is at one of the highest levels of the last five years, with an accumulated increase of 47%.
The positive impact of the announcement was strong enough to boost the price of shares to its greatest intradiary rise since August 2024, despite the fact that the forecasts of operational benefits and net income for the year that begins They were lower than analysts’ estimates.
This measure is part of Bridgestone’s strategy To guarantee your shareholders a benefit floor of US $ 3.3 billion by 2026.
As part of that same plan, according to the company to Nikkei, it is intended to achieve before the late 2025 An equivalent cost reduction Au $ 660 million.
This measure includes the Plant closure in Europethat Bridgestone attributes to the impact of a decrease in the demand for electric vehicles in the region. And also other measures that affect operations in countries such as Argentina, the United States and Brazil.
A new element for discussion in Argentina
As part of the local discussion before Bridgestone’s request to reopen the PPC, the Unique Union of Workers of the Argentine Tire that Alejandro Crespo drives on the discussion table a fact that complicated business justificationl of a crisis in its Argentine operation: the United States subsidiary reported the closure of a factory in the city of Nashville, Tennessee, as part of a “Medium term business plan” which covers the period 2024-2026.
Bridgestone indicated that the closure of that factory will help the company to “Optimize your commercial presence and strengthen your competitiveness.”
In the communication of that measure, which implies the dismissal of 700 workers in that country, Bridgestone admitted that as part of the same procedure “The company is carrying out commercial reconstruction activities in its operations in Latin America, which include cost optimization efforts together with reductions in workforce and production capacity in its facilities and commercial operations in Argentina and Brazil.”
In addition, Bridgestone announced capacity reductions and personnel at its tire plant for agricultural vehicles in Des Moines, Iowa, and additional personnel reductions at the corporate level, sales and operations in the United States.
“Personnel reductions are impacting our sales, operations and corporate equipment in the American continent, where Realineration of personnel levels is needed In response to the challenging economic environment, ”Emily Weaver, company spokesman, said in an email.
Thus, the existence of a general Bridgestone adjustment plan at a global level relativizes the sayings of the Argentine subsidiarythat blames the local crisis for the adjustment. In fact, the unit of crisis that analyzes the request of the tire company Formally admitted that the company in Argentina failed to document the alleged economic deterioration of its activity to justify the request for reopening of the PPC.
This document expresses that “… it is appropriate to point out that the documentation presented by the firm would not prove economic deterioration, or unfavorable evolution Regarding the preventive crisis procedure previously completed in 2024… ”
Given that, the Sutna stated: “In the same opinion More documentation is requested again from the companywhile omitting the breach of the company to accompany another documentary that was already previously required, but it is clear that what should happen It is the immediate rejection without further delay of this inadmissible order. ”
Source: Ambito
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