NASHVILLE, Tenn. (Oct. 12, 2005) — Bridgestone/Firestone North American Tire L.L.C. has reached an agreement to pay Ford Motor Co. $240 million to settle remaining financial issues between the companies stemming from the Firestone tire recall in August 2000 and Ford's subsequent tire replacement program in May 2001.
BFS said the agreement “settles all remaining matters” between the two companies related to these campaigns.
“The Bridgestone group benefits from the certainty that a settlement brings,” said Shoshi Arakawa, executive vice president of international operations for Bridgestone Corp. “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 Firestone to put this matter behind it and focus on its future business opportunities. This settlement achieves that goal.”