Business

Kingspan among final bidders for Bridgestone unit

Firestone Building Products expected to fetch about $2.5bn

Tokyo-based Bridgestone is the world’s largest maker of tyres and has a market value of 2.7 trillion yen. Photograph: Christophe Petit Tesson/EPA

Mon Dec 7 2020 - 10:54

Kingspan and Standard Industries are among the final bidders competing for a unit being sold by Japanese conglomerate Bridgestone, according to sources.

Carlisle Companies has also been considering an acquisition of Firestone Building Products, said the sources.

A winner could be selected in the coming weeks, the sources said. Bridgestone has been working with an adviser on strategic options as it explores non-core divestments, sources said in September.

Firestone Building Products, with earnings before interest, taxes, depreciation and amortisation of about $250 million (€205 million), is expected to fetch about $2.5 billion or more, the sources said.

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“Bridgestone is exploring a number of opportunities to unlock greater value for our employees, customers and shareholders,” said Laura McCaslin, a spokeswoman for Bridgestone Americas.

The company is looking for ways to “accelerate Bridgestone’s mobility solutions”, but no final decisions have been made, she said.

Representatives for Kingspan and Standard Industries declined to comment. Carlisle couldn’t immediately be reached for comment.

Firestone Building Products, led by president Taylor Cole, is part of Nashville, Tennessee-based Bridgestone Americas and designs and manufactures roofing systems, primarily for commercial markets, according to the company’s website.

The unit’s products include green roofing, daylighting systems, metal wall panels and insulation. Tokyo-based Bridgestone is the world’s largest maker of tyres and has a market value of 2.7 trillion yen (€21.3 billion).

Kingspan and Standard Industries specialise in building products such as facades and insulation boards, while Carlisle is involved in a range of sectors from construction materials to agriculture, food-service and mining.

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